UK businesses have lost £44 billion to cyberattacks over five years
The report highlights the cost of cybercrime in Britain.
British businesses have lost an estimated £44 billion ($55 billion) in revenue over the past five years due to cyberattacks, with more than half of private sector companies experiencing at least one incident, according to a report by insurance broker Howden. Companies earning over £100 million annually faced the highest risk, with cyberattacks cutting 1.9% of revenue on average.
The report identified compromised emails (20%) and data theft (18%) as the leading causes of cyber incidents. Despite these risks, only 61% of businesses used anti-virus software, and just 55% had network firewalls, with cost and limited IT resources cited as major obstacles to better cybersecurity.
“Cybercrime is rising as businesses rely more on technology, exposing vulnerabilities to malicious actors,” said Sarah Neild, head of UK cyber retail at Howden. The findings are based on a September survey of 905 UK private-sector IT leaders conducted by YouGov.
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