Business
Cyberattacks cost British businesses $55 billion in past five years, broker says
Global Banking & Finance Review®
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LONDON (Reuters) – Cyberattacks have cost British businesses around 44 billion pounds ($55.08 billion) in lost revenue in the past five years, with 52% of private sector companies reporting at least one attack in that time, insurance broker Howden said on Monday.
Cyberattacks cost businesses 1.9% of their revenue on average, Howden said, with companies generating an annual revenue of over 100 million pounds most likely to suffer an attack.
The most common causes of cyberattacks were compromised emails, at 20%, and data theft, at 18% of cases, Howden said.
However, only 61% of businesses were using anti-virus software and only 55% were using network firewalls, Howden said. Cost and lack of internal IT resources were among factors behind businesses’ low level of cybersecurity.
Cybercrime is on the rise, with malicious actors continuing to take advantage of cybersecurity vulnerabilities, particularly as firms become ever more reliant on technology for their operations,” said Sarah Neild, head of UK cyber retail at Howden.
Howden’s findings were based on a survey of 905 UK private sector IT decision-makers conducted for the broker by YouGov in September.
($1 = 0.7988 pounds)
(Reporting by Carolyn Cohn; Editing by Susan Fenton)
A cyberattack is a malicious attempt to damage, disrupt, or gain unauthorized access to computer systems, networks, or devices, often resulting in data breaches or financial loss.
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks, ensuring the confidentiality, integrity, and availability of information.
Data theft is the unauthorized copying, transferring, or accessing of confidential information, often for malicious purposes such as identity theft or financial fraud.
Anti-virus software is a program designed to detect, prevent, and remove malware, including viruses, worms, and trojan horses, from computers and networks.
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