Nine in 10 £5m+ businesses hit by cyber attacks

The study questioned senior decision makers across a range of UK small and medium-sized enterprises (SMEs), finding that more than half (57%) had suffered an online attack.

However, firms with an annual turnover in excess of £5 million were far more likely to experience cyber-crimes against their company (88%).

These attacks have led to serious consequences in many cases, with more than a fifth of cyber security breaches leading to businesses being forced to pay a ransom (22%).

Personal details are also under threat as these attacks compromised client and staff information in 26% and 23% of cases respectively.

Despite the regularity and severity of online assaults, many UK businesses aren’t taking measures to protect against them – the study found that just over one in 10 firms (11%) have no form of cyber security whatsoever. 

Sole traders leave themselves particularly vulnerable as almost a quarter (24%) do not have any form of protection against hackers or malware. This is more than twice as many as the national average (11%).  

Anti-virus software is the most popular method of defence, but only 43% of British companies have this in place. Other protective measures include firewalls (39%), cloud security (24%) and VPNs (24%).

The average spend on protective measures for businesses currently stands at £255 per month.

Misuse of company IT may be a contributing factor in some cyber-attacks, and further research reveals that nearly a million employees (3%) admit that their actions directly led to a security breach.

Respondents admitted to misusing their firms’ tech in a range of ways including accessing sensitive information on unsecured networks (5%), using their VPN to watch TV shows in other countries (4%), and surfing on ‘inappropriate websites’ (8%).

Of those admitting to using company devices to spend time on inappropriate sites, common destinations include the dark web and sites containing pornographic material (both 17%).

Kevin Pratt, Financial Expert at Forbes Advisor, says: “The nature of the modern workplace means more online devices are being used than ever. This inevitably means that there are more ways that a business could suffer a digital attack. Our research shows that cyber security issues are incredibly common in this country, particularly among firms with a turnover of £5 million or more.

“We’ve also found that a significant proportion of British businesses are without any form of protection against online assaults, and it’s important to address this shortfall by highlighting the consequences of a cyber attack, such as financial losses and breaches of sensitive information.

“Companies can take a number of measures to protect against cyber-attacks, including anti-virus software, firewalls and VPNs. Prevention really is better than cure.”

Information credit of: https://www.forbes.com/uk/advisor/broadband/best-vpns/