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August 1, 2022updated 12 Jul 2022 2:20pm

Cyber security risks emphasised as research finds 44% of UK businesses experienced a cyberattack last year

By Katherine Dumbell

New research has revealed that almost half of surveyed UK businesses experienced some sort of cyberattack last year. However, the professional services sector ranks in the top 5 industries most prepared for a cyberattack.  

Insurance provider Hiscox published its 6th annual Cyber Readiness Report looking at the state of cyber security in 2021 and 2022.  

The Hiscox Cyber Readiness Report 2022 was compiled in collaboration with Forrester Consulting and is based on a survey of 5,181 key professionals from 8 countries. It calculates comparative cyber security risk levels and each sector gets a score from 7 to 70, with 7 being the lowest risk and 70 being the highest.  

The professional services sector in the UK had a Hiscox Cyber Risk Score of 36, only 5 points more than the UK’s best prepared sector.  

Research also shows that larger businesses received the most cyberattacks. Of UK businesses with over 1000 employees, 63% reported experiencing a cyber incident of some kind. These firms also suffered the most severe financial losses from this. Companies reported median financial costs of £50,000 ($59,369). This is more than double the UK median annual loss of £21,097 per company due to cyber incidents.  

However, only 28% of UK businesses said that reviewing cyber policies and procedures was a top spending priority for the next 12 months. A dedicated cyber security role was also absent from 42% of UK firms.  

Hiscox UK Cyber CEO Gareth Wharton commented: “The last year has presented significant cyber security risks for UK businesses, with essential industries being subject to the highest risks, according to our threat ranking table. We know that this threat isn’t limited to particular countries, and while it’s evident that UK businesses are continuously investing in cyber defences, it’s important that increased investment continues to prevent grave financial losses.” 

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