Cyber attacks across the UK have risen for the third year running, with nearly half of businesses experiencing them, according to an insurer.
The findings are part of Hiscox’s Cyber Threat Ranking Table, which uses data from the latest Hiscox Cyber Readiness Report to identify which industries are most at risk of a cyber attack. The rankings are informed by data from almost 1,000 UK companies. Now in its seventh year, the report draws on a representative sample of more than 5,000 companies across eight countries by size and sector, to reflect the direct experience of businesses against the ever-evolving cyber threat.
The risk score is based on how optimistic business leaders are about their ability to deal with future cyber attacks. It takes into account several factors, including the number and cost of cyber events faced by surveyed firms within each of the sectors.
Alana Muir, Head of Cyber at Hiscox, said: “Improving digital resilience is a never-ending task for businesses, and the difference in how sectors are able to cope with this is marked. The uptick in attacks witnessed in the UK over recent years is concerning but not surprising. Cyber criminals are fast learners and often succeed in keeping one step ahead of the companies they are targeting. It’s important that cyber security and privacy are regularly reviewed, and necessary protections are put in place across all industries, to minimise damage to businesses and customers.”
Three in five UK organisations (59pc) agreed that they were more vulnerable to cyber attacks because more employees were working remotely. The pharmaceutical and healthcare sector agreed with this the most, with almost three quarters (74pc) reporting the same. Large organisations with over 1,000 employees also agreed, with seven in ten (72pc) stating their organisations were more vulnerable to cyber attacks for this reason.
You can find a full copy of the Cyber Readiness Report 2023 and Cyber Threat Ranking Table at www.hiscox.co.uk/cyberreadiness.
