Emma Jobling, Head of the Cobweb Team, writes …
The BBC is today (23 April 2019) reporting on a survey from the insurance firm Hiscox, in which 55% of UK companies admit to having already suffered a cyberattack this year - a huge jump from the 40% reporting cyberattack in 2018.
But, what’s more worrying for UK business, is that almost three quarters admit to being under-prepared to meet this growing threat.
For the report, Hiscox surveyed more than 5,400 organisations - from the UK, Germany, Belgium, France, the Netherlands, Spain, and the US. While the number of those achieving a top score for cyber security has dropped across the survey base, the UK scored particularly badly, with companies in the UK reporting the lowest security spend, and average budgets of $900,000 compared with the $1.46m survey average.
The BBC reports head of Cyber at Hiscox, Gareth Wharton, explaining that this could be due to the large number of small businesses in the UK. He says, "They may feel like they won't be targeted, as we tend to only read about large breaches in the press. If they incorrectly feel that they won't be targeted, they may be less likely to spend on cyber security."
As we highlighted in our news item in February, writing to dispel the myth that SMBs are not targeted by cyberthreat, 58% of malware victims are in fact small businesses.
Any organisation is at risk, however, unless they’re prepared to safeguard against cyber threats. Our news item of 5 March 2019, for example, reported on the government’s press release of the same day, emphasising that many of the FTSE 350 boards don’t fully appreciate the potential impact of a cyberattack on their business
But, the good news is, there are security solutions and services available to help businesses, whatever the size, industry, location - and at Cobweb, we have over 20 years’ experience, helping customers safeguard their business.
The threat from cyber criminals is growing. Of the organisations surveyed by Hiscox, 60% reported having suffered at least one cyberattack so far this year (an increase from 45% in 2018), with average resulting costs of $369,000 (£284,000), up from $229,000 (£176,000).
And businesses in the UK are jointly, along with those in the US, least likely to have appointed a specific cyber security position within the organisation. So, our experts at Cobweb can help you fill this role.