Cyber Attacks Disrupt Business In UK Rp878 Trillion In The Last Five Years

Sarah Neild, Head of the UK Cyber Retail Division (photo: x @InsuranceMews)

JAKARTA Businesses in the UK have suffered a loss of around 44 billion (Rp878 trillion) due to cyber attacks in the last five years, according to a Howden insurance broker report. More than half of private sector companies (52%) reported having been victims of cyber attacks during that period.

On average, cyber attacks drain 1.9% of the company's revenue. Companies with annual revenues of more than 100 million are the most vulnerable targets of this attack.

The most common causes of cyberattacks are compromised email (20%) and data theft (18%). However, only 61% of companies use anti-virus software, and 55% implement network firewalls. The high cost and lack of internal IT resources are referred to as the main reasons for the low level of cybersecurity in many companies.

"Cyber crime continues to rise, with bad actors taking advantage of cybersecurity vulnerabilities, especially along with the company's dependence on technology on their operations," said Sarah Neild, Head of the UK Cyber Retail Division at Howden.

This report is based on a survey of 905 decision makers of the IT private sector in the UK conducted by YouGov in September 2024.

With the increasing cyber threat, this report is a warning to businesses to increase investment in IT's security systems and resources to protect their assets from the growing threat.