Cybercrime Hits 1.5m UK Businesses – Frightening Losses And How WE Can Help

• Cybersecurity breaches cost UK businesses £30.5 billion last year, 138% more than in 2019
• Small businesses experience a 42% increase in breaches and see cybercrime costs rise by 396%
• Cybercrime rates were highest in Wales, Yorkshire and the Humber, and the South West of England

More than 1.5 million UK businesses fell victim to some form of cybercrime last year at a cost of more than £30.5 billion, according to a new study from Beaming, an internet service provider for businesses. The total cost of cybersecurity breaches was 138% higher than the £12.8 billion estimate for 2019, when it last surveyed businesses about cybercrime.

The latest study, was run by the research consultancy Censuswide and reveals that more than a quarter (27%) of businesses fell victim to cybercrime in 2023. The average cost of an incident, including expenses for replacing IT assets, recovering data and financial penalties, was £5,500.

Although cybercrime rates declined for the largest (250+ people) and very smallest (one person) businesses, they increased in all SME segments. Small businesses employing between 11 and 50 people experienced the steepest rise in victims (up 42%) and costs (up 396%) between 2019 and 2023.

Sonia Blizzard, Managing Director of Beaming, said: “While large businesses are proving more resilient to cybercrime, the cost of breaches is soaring, and SMEs are being hit harder than ever before. Businesses are investing in training and technology but they’re under sustained attack.  So as the use of technology helps business to grow, the investment in cybersecurity training also needs to be maintained.”

Phishing, the use of deceptive emails, messages, or links to websites designed to trick people into performing actions that would expose a business to a breach, was the most common way companies succumbed to cybercriminals last year. This form of attack claimed 679,000 business victims in 2023.

Cybercrime rates were highest in Wales, Yorkshire and the Humber, and the South West of England, where Beaming’s study indicates over half of businesses fell victim to in 2023.The cost was steepest in London. Firms here lost £7.1 billion due to breaches in 2023.

Find out more: nbccloud.co.uk