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Cybersecurity breaches can have serious financial, reputational, and legal consequences that can be incredibly costly. Additionally, a cybersecurity breach can lead to a loss of customer trust and loyalty, leading to significant brand damage. Companies that experience a breach may also be exposed to regulatory and legal liabilities. Taking proactive steps to protect your business from cyber threats is essential to avoiding these costly and damaging outcomes.

The UK is far from immune to the impacts of cybercrime and is feeling the effects of various threats such as ransomware attacks, data breaches, and online fraud. In 2020, a record-breaking 3.9 million cybercrime incidents were reported in the UK, a 25% increase from the previous year. Additionally, there have been a significant number of data breaches, with the average cost of a breach reaching £3.86 million.

To protect against cyber-attacks, businesses across the UK have been investing heavily in cybersecurity solutions such as firewalls and anti-malware software. However, the UK’s cybersecurity landscape is far from perfect. According to a recent survey, only 34% of small businesses have a cybersecurity strategy in place.

To ensure the UK remains safe from cyber threats, businesses must continue to invest in secure IT systems and educate their employees about the importance of cyber security. In November 2020, the UK government launched a new National Cyber Force (NCF) to tackle the growing problem of cybercrime.

Below, we paint a picture of the UK cybercrime and cyber security landscape with some interesting facts and statistics from recent years:

  • More than 80% of UK organisations experienced a successful attack in 2021/2022
  • Over a 12-month period, ransomware attacks affected 73% of UK organisations.
  • 11.3% of UK IT budgets are spent on security
  • The average cost of ransomware attacks in the UK was around $1.08 million
  • 77% of UK organisations have cybersecurity insurance
  • 1.6% of spam originates in the UK
  • Around 8% of people tried to open a phishing link in 2021
  • 1.2% of scam websites have a .co.uk domain
  • The UK has issued €44 million worth of GDPR fines
  • The average time to identify a UK data breach is 181 days
  • The UK was the third most affected country by stalkerware in Europe
  • The UK cyber security industry employs over 50,000 people
  • There were over 400,000 reports of fraud and cybercrime in the UK in 2021
  • 2021-2022 losses to fraud and cybercrime in the UK totalled over £3 billion
  • Those aged 20 to 39 are the largest target for cybercrime
  • There were almost 14,000 reports of email and social media hacking in 2021
Sources: comparitech

Cybersecurity threats are more pervasive than ever, and it’s important to take the necessary steps to protect your business. Building an in-house security operations center can be expensive and difficult to manage, but there are still plenty of options for you to protect yourself from cyber threats. 

One of the most cost-effective ways to protect your business is to invest in cybersecurity training for your staff. This will help to ensure that your employees understand the risks of cyber threats and how to prevent them. Additionally, you should look into using up-to-date antivirus and firewall software to help protect your business from malicious attacks. 

Finally, you may want to consider utilising a third-party security provider to help identify and address any potential vulnerabilities in your systems. At CHS Networks, we offer industry-leading products providing protection against any cyber-threats your business might be facing.

Taking these steps will go a long way towards helping to protect your business without breaking the bank.