UK businesses lost £44 billion to cyberattacks in five years

Howden, an international insurance intermediary group, has published a report that says 52% of UK businesses fell victim to at least one cyberattack in the last five years. Businesses that generated a revenue of £100 million were the most targeted, and 49% of Small and Medium-sized Enterprises (SMEs) that earned £2 million to £50 million were next on the list. 

Howden surveyed 905 senior IT decision-makers from the UK private sector, and the survey was conducted from 9 to 22 September 2024. The most common causes of the attacks were compromised emails (20%), followed by data theft (18%), supplier compromises (16%), fraudulent funds transfer (14%), insider leaks (14%) and ransomware (12%). 

Howden reported that "even the most basic cyber security measures remains low, highlighting a critical cybersecurity knowledge gap within UK businesses." It said that 61% of the businesses are using antivirus software, and only 55% are bothered with setting up a firewall. 

26% of the businesses said that cost was an obstacle to security, 26% said they had insufficient knowledge, and 22% said they did not have an internal IT resource. 33% of the businesses asked for tax reliefs on cyber investment, 32% agreed with a mandate for minimum standards, and 26% asked for "compulsory cyber insurance."

Howden reported that the attacks over the last five years have cost UK businesses £44 billion in revenue.