New analysis has revealed that one in 5 UK companies have skilled a cyber assault or incident, with practically one in 10 small companies experiencing this within the final yr. This quantity rises to 35% of huge company companies, exhibiting the growing danger that cyber presents.
With criminals typically searching for alternatives within the run-up to Christmas and cyber swiftly changing into an growing danger for each customers and companies alike, the analysis discovered that companies are 67% extra prone to have skilled a cyber incident than a bodily theft and virtually 5 occasions as prone to have skilled a cyber assault as a hearth.
When trying on the repercussions of a cyber assault or incident, virtually a 3rd skilled operational disruption, with an extra fifth (21%) experiencing knowledge loss and system lockdowns. Such interruptions led to companies claiming a mean of £21,000 per incident in accordance with Aviva knowledge, though prices can run into the tens and even tons of of hundreds of thousands of kilos.
Whereas round half of UK companies specific confidence in dealing with a cyber incident or assault, one in 5 admit to not being assured in understanding what to do ought to this occur, a determine that rises to greater than 1 / 4 of small companies, who look like essentially the most susceptible to such a danger. Not solely does this improve the danger of additional harm, it signifies that companies additionally danger being non-complaint with private knowledge guidelines.
Regardless of the excessive frequency of cyber incidents skilled by companies, Aviva’s analysis reveals a major hole in cyber insurance coverage protection, most notably amongst small companies – lower than one in 5 of whom have a cyber insurance coverage coverage – and the identical proportion say they’re unaware that cyber insurance coverage exists.
Commenting on the analysis they commissioned, Stephen Ridley, Head of Cyber, Aviva, mentioned: “It’s necessary to recognise that companies of all shapes, sizes and sectors are at fixed danger of a cyber assault – significantly right now of yr, with phishing emails typically growing round Black Friday and Christmas. The character of such a risk signifies that cyber criminals are evolving their techniques, searching for the chance versus setting their sights on giant corporates alone.
“Although our analysis reveals that one in three companies see cyber as the largest danger to their companies, it’s worrying to see that many companies have no idea find out how to shield themselves from this rising risk. Many companies wouldn’t have cyber cowl, leaving them uncovered to excessive, unexpected prices and important enterprise disruption which might quantity to tens of hundreds of kilos.
“If the chance arises, there’s a risk that cyber criminals will act and so it’s key to have both preventative measures and protection in place. Although businesses are more likely to purchase cyber cover after experiencing an attack, more and more affordable products are becoming available on the market from as little as £50 a year, like Aviva’s Cyber Respond. These could be a valuable lifeline to small businesses in particular, should the worst happen.”
Detective Superintendent Ian Kirby, CEO of the Nationwide Cyber Resilience Centre Group (NCRCG), mentioned:“Cybercrime is one thing that may influence on any organisation, no matter its measurement or wherever it’s within the nation. It’s important that each one companies throughout the UK financial system subsequently have sturdy cyber practices in place, in order that they’re in the most effective place to guard themselves from cyber criminals.
“Within the occasion of a stay cyber assault, any enterprise ought to instantly report it to Motion Fraud who will direct them to the related regulation enforcement company for investigation as applicable. Importantly, nevertheless, I’d additionally encourage small and medium-sized companies to contact their regional, police-led Cyber Resilience Centre who will be capable of supply free, high-quality assist on the steps they’ll take to strengthen their cyber resilience for the long run.
“One of the reasons why we are pleased that companies like Aviva have become National Ambassadors for NCRCG is that they recognise the risk of cybercrime, not just to themselves, but to all those in their supply chain, and are taking up the mantle in addressing this risk.”
