A new reveals nearly seven in ten large businesses identified a breach or attack, with the average cost to large businesses of all breaches over the period being £20,000 and in some cases reaching millions. The survey also shows businesses holding electronic personal data on customers were much more likely to suffer cyber breaches than those that do not.
The most common breaches or attacks were via fraudulent emails – for example coaxing staff into revealing passwords or financial information, or opening dangerous attachments – followed by viruses and malware, such as people impersonating the organisation online and ransomware.
Businesses also identified these common breaches as their single most disruptive breach, and the vast majority of them could have been prevented using the Government-backed, industry supported Cyber Essentials scheme, a source of expert guidance showing how to protect against these threats.
These new statistics show businesses across the UK are being targeted by cyber criminals every day and the scale and size of the threat is growing, which risks damaging profits and customer confidence.
The Government has committed to investing £1.9 billion to protect the nation from cyber attacks to help make the UK the safest place to live and do business online.
Business also has a role to play to protect customer data. The government offers free advice, online training and Cyber Essentials and Cyber Aware schemes.
The survey also revealed that of the businesses which identified a breach or attack, almost a quarter had a temporary loss of files, a fifth had software or systems corrupted, one in ten lost access to third party systems they rely on, and one in ten had their website taken down or slowed.
Firms are increasingly concerned about data protection, with the need to protect customer data cited as the top reason for investing by half of all firms who spend money on cyber security measures. Following a number of high profile cyber attacks, businesses are taking the threat seriously, with three quarters of all firms saying cyber security is a high priority for senior managers and directors; nine in ten businesses regularly update their software and malware protection; and two thirds of businesses invest money in cyber security measures.
Small businesses can also be hit particularly hard by attacks, with nearly one in five taking a day or more to recover from their most disruptive breach.
Areas where industry could do more to protect itself include around guidance on acceptably strong passwords, formal policies on managing cyber security risk, cyber security training, and planning for an attack with a cyber security incident management plan.
All businesses which hold personal data will have to make sure they are compliant with the new General Data Protection Regulation (GDPR) legislation from May 2018. This will strengthen the right to data protection, which is a fundamental right, and allow individuals to have trust when they give their personal data.
Ciaran Martin, CEO of the National Cyber Security Centre, said: “UK businesses must treat cyber security as a top priority if they want to take advantage of the opportunities offered by the UK’s vibrant digital economy.
“The majority of successful cyber attacks are not that sophisticated but can cause serious commercial damage. By getting the basic defences right, businesses of every size can protect their reputation, finances and operating capabilities.
“Cyber Essentials, technical advice on CiSP and regularly updated guidance on the NCSC website offers companies, big and small, simple steps that can significantly reduce the risk of a successful attack.”
