Cyberattacks have inflicted significant financial damage on UK businesses, costing them an estimated £44 billion in lost revenue over the past five years, according to a report by insurance broker Howden. The findings reveal that 52% of private sector companies experienced at least one cyberattack during this period, highlighting the pervasive threat of cybercrime.
On average, cyberattacks cost businesses 1.9% of their annual revenue, with larger companies generating over £100 million annually most likely to be targeted. The most frequent forms of attacks included compromised emails (20% of cases) and data theft (18%).
“Cybercrime is on the rise, with malicious actors continuing to exploit vulnerabilities as firms become increasingly reliant on technology for their operations,” said Sarah Neild, head of UK cyber retail at Howden.
Despite the rising risks, many businesses lack basic cybersecurity measures. Only 61% of companies surveyed reported using antivirus software, while just 55% had network firewalls in place. Factors such as cost constraints and limited internal IT resources were cited as barriers to implementing stronger protections.
This vulnerability leaves businesses exposed to a wide range of threats, from phishing scams to ransomware attacks. The report underscores the need for increased investment in cybersecurity infrastructure and employee training.
The Howden report is based on a YouGov survey conducted in September, involving 905 IT decision-makers from the UK private sector. Key findings include:
As cybercrime continues to evolve, Howden’s findings highlight the urgent need for businesses to prioritize cybersecurity. This includes adopting advanced tools, improving employee awareness, and investing in robust IT defenses to mitigate risks.
