Latest statistics show that nearly half of all UK businesses suffered a cyber-attack in the past 12 months.
The Cyber Security Breaches Survey 2017 reveals nearly seven out of 10 large businesses identified a breach or attack. The research reveals that although the average cost of an attack cost businesses £20,000, in some cases the bill resulted in millions of pounds worth of losses.
The most common cyber-attacks were as a result of fraudulent emails which lured unwitting employees into revealing passwords or financial information.
Ciaran Martin, CEO of the National Cyber Security Centre (NCSC), 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.”
The good news is that following a number of high profile cyber-attacks, businesses are taking the threat seriously.
Carey Jacobs, a partner in Palmers, said: “This latest report demonstrates that the prevention of cybercrime is an increasingly worrying business challenge.
“Although it is hugely concerning, it does deliver some good news on awareness levels. Three quarters of all firms say cyber security is a high priority for senior managers and directors. Nine out of ten businesses regularly update their software and malware protection, and two thirds of businesses invest money in cyber security measures.
“Palmers has been at the forefront of raising local awareness about the risks of cybercrime and its potentially devastating impact on businesses and we have hosted a series of successful joint seminars on this important issue, which we are planning to run again later in the year. We have a network of contacts who are committed to helping local businesses stay safe and reduce their risk of becoming a victim of commercial cybercrime.”
For more information on issues relating to cybercrime, how you can manage your risk and your legal options if your organisation is affected by fraudulent activity, please contact us.