Cyberattacks have cost British businesses approximately £44 billion ($55.08 billion) in lost revenue over the past five years, according to a report released by insurance broker Howden on Monday. The report revealed that 52% of private sector companies experienced at least one cyberattack during this period.
On average, businesses lost 1.9% of their revenue due to cyberattacks, with larger companies—those generating annual revenues over £100 million—being the most vulnerable. The most common causes of cyberattacks included compromised emails (20%) and data theft (18%), Howden found.
Despite the growing threat, the report noted that only 61% of businesses were using anti-virus software, and just 55% were using network firewalls. Factors such as cost and limited internal IT resources were cited as reasons for the insufficient cybersecurity measures.
“Cybercrime is on the rise, with malicious actors continuing to exploit vulnerabilities, particularly as firms become more reliant on technology for their operations,” said Sarah Neild, head of UK cyber retail at Howden.
The findings, based on a survey of 905 UK private sector IT decision-makers conducted by YouGov in September, highlight the urgent need for businesses to strengthen their cybersecurity defenses.
