While most of the cybersecurity incidents we hear about are related to major organisations that does not mean that smaller businesses are not targeted.
To combat this rise, cybersecurity specialists are in high demand, and it is predicted that by 2025, there will be 3.5 million unfilled cybersecurity jobs globally (Cybersecurity Ventures).
Over 560,000 new cyber threats are discovered daily and 81% of all UK businesses who suffer from a cybersecurity attack are SMEs. But 97% of businesses who suffer cyber crime could have been protected if they had a modern and comprehensive cybersecurity solution in place.
The cost of Cyber Crime in the UK
- The average cost of a breach against medium and large UK businesses is £4,960 as of December 2023.
- Cyberattacks globally increased by 125% in 2021 compared to 2020, and increasing volumes of cyberattacks continued to threaten businesses and individuals in 2022.
Cyber Crime Trends in 2024
In 2024 cybersecurity breaches have increased and have had a deeper impact on organisations. Here is a summary of the threat report including a detailed round-up of the fast-paced cyber security.
According to government statistics over 50% of businesses have experienced some kind of data breach in early 2024. The survey has shown that this is much higher, over 70% in the case of medium businesses and 74% in the case of large businesses. If you are unsure whether your organisation is cyber-secure, contact us to book a free online security audit.
- Phishing
Scam emails and messages that contain links to websites that prompt you to give out personal information are no longer isolated incidents. Phishing emails have become the most common type of attacks, and they are considered the most disruptive to businesses. As of January 2024, the number of reported phishing scams was over 29 million! And as AI evolves with staggering speed these emails become extremely sophisticated and more difficult to recognise but can cause enormous damage to organisations. To avoid being hacked
- Ransomware
This is a type of malware that can stop you from accessing your device and data by encrypting your files. Then criminals demand a ransom in exchange for releasing your information.
- Supply Chain Attacks
Are highly effective way of breaching security by introducing malicious components to gain access and steal data from your extended network. The Cyber Security Government Strategy (2022 – 2030) has recognised the growing risk within this area and has set out a strategy to manage cyber security risks and minimise their impact. According to statistics, up to 40% of cyber threats now occurring indirectly through the supply chain.
- Cloud Security
If you want to store all your critical data in the Cloud, you must manage the risks. While storing all your information in the Cloud has its benefits it also makes it easier for hackers to get into your server and target all your information. To discuss Cloud security measures with us, contact one of our advisors today.
- IoT Device Security
The Internet of Things (IoT) is a network of interconnected devices that exchange data with other IoT devices and the Cloud. There are pros and cons of using IoT but you have to ensure that your connections are secure. GPS trackers, ‘smart’ wearables and other IoT devices can hold valuable data but often don’t have robust security software. Hackers can filtrate through one vulnerability and manipulate all the data.
The growing number of cyber threats and breaches is resulting in increased costs for many businesses and for SMEs with smaller budgets the financial strain is even larger.
The following statistics are based on the most recent UK Government Cybersecurity Breaches Survey 2024.
As a positive sign that businesses are taking cybersecurity more seriously the survey shows that the use of cybersecurity measures has increased compared to 2023:
- using up-to-date malware protection (up from 76% to 83%)
- restricting admin rights (up from 67% to 73%)
- network firewalls (up from 66% to 75%)
- agreed processes for phishing emails (up from 48% to 54%)
- It is estimated that UK businesses have experienced approximately 7.78 million cybercrimes of all types and approximately 116,000 non-phishing cybercrimes in the last 12 months.
- 50% of UK businesses reported some form cyber incident in the past 12 months. This is slightly lower for charities at 32%.
- The number of businesses taking out a cyber insurance increased by 6%
- Only 3% of UK businesses and Charities adhere to the Cyber Essentials Scheme
- Phishing is still the most common cybercrime: 75% of large organisations and 45% of small businesses in the UK were targeted by phishing attacks
- Only 31% of businesses undertook a Cybersecurity Risk assessment in the past 12 months
- 43% of UK business hired an external cybersecurity provider
- 81% of cyberattacks and data breaches happen to SMEs
- Cyberattacks increase by 30% during holiday periods as cybercriminals take advantage of closed businesses or low staff levels
- If businesses had up to date cybersecurity measures in place, approximately 97% of cyberattacks and data breaches could have been prevented
- 13% of UK businesses assess the risks posed by their immediate suppliers.
- 16% of UK businesses still use older versions of Windows
- For small businesses, this rises to 20%
- For large businesses, this rises to 23% – in our previous blog we have discussed that some industries like manufacturing still must use Windows XP or other outdated operating systems.
According to the National Cyber Security Index (NCSI), Poland has the most robust cybersecurity.
The NCSI measures a country’s ability to prevent cyberthreats and manage cyber incidents. As of December 2023, the 5 countries with the highest scores on the NCSI are:
- Poland (90.83)
- Estonia (85.83)
- Ukraine (80.83)
- Latvia (79.17)
- United Kingdom (75.00)
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