In at present’s digital world, companies are simply as susceptible to cyber-attacks as they’re to fireplace and theft. New analysis from insurance coverage supplier Aviva discovered that companies are 67% extra prone to expertise a cyber incident than a bodily theft and virtually 5 occasions as prone to have an assault as a hearth.
Total, at the least one fifth of UK companies have fallen sufferer to a cyber-attack previously yr. The agency discovered that nearly 10% of small companies and 35% giant company companies skilled an cyber incident previously yr.
Many Companies Lack Cyber Insurance coverage
By way of the autumn out from a cyber-attack, 31% of companies skilled operational disruption and 20% admit to not being assured in understanding what to do ought to this occur.
This confidence determine rises to greater than 1 / 4 (27%) of small companies, who seem like probably the most susceptible to such a danger, in keeping with Aviva.
Companies have claimed a mean of £21,000 per incident, in keeping with Aviva knowledge.
Moreover, Aviva’s analysis reveals a major hole in cyber insurance coverage protection, most notably amongst small companies. Solely 17% have a cyber insurance coverage coverage, and the identical proportion say they’re unaware that cyber insurance coverage exists.
Stephen Ridley, Aviva’s head of cyber, mentioned: “Although our analysis reveals that one in three (31%) companies see cyber as the most important danger to their companies, it’s worrying to see that many companies have no idea methods to defend themselves from this rising menace. Many companies don’t have cyber cowl, leaving them uncovered to excessive, unexpected prices and important enterprise disruption which might quantity to tens of hundreds of kilos.”
Police Assist for Cyber-Assaults
Detective Superintendent Ian Kirby, CEO of the Nationwide Cyber Resilience Centre Group (NCRCG), mentioned: “Cybercrime is one thing that may affect on any group, no matter its dimension or wherever it’s within the nation. It’s important that each one companies throughout the UK financial system due to this fact have sturdy cyber practices in place, in order that they’re in the very best place to guard themselves from cyber criminals.
“Within the occasion of a dwell cyber-attack, any enterprise ought to instantly report it to Motion Fraud who will direct them to the related regulation enforcement company for investigation as applicable.”
Kirby added that he would additionally encourage small and medium-sized companies to contact their regional, police-led Cyber Resilience Centre who will have the ability to provide free, high-quality assist on the steps they will take to strengthen their cyber resilience for the longer term.
The analysis was a part of a YouGov survey of greater than 1200 UK senior enterprise leaders from small, mid-market and company companies, from 9 industries:
- Skilled & enterprise providers
- Manufacturing & trade
- Development & actual property
- Arts, leisure & leisure
- Expertise & digital
- Retail & wholesale
- Motor commerce
- Public sector
Fieldwork was performed between September 15 and October 8, 2023.