British businesses have lost an estimated £43 billion ($55.08 billion) in revenue over the past five years due to cyberattacks, with more than half of private sector companies reporting at least one breach during this period, according to a report by insurance broker Howden.
On average, cyberattacks account for a 1.9% revenue loss for affected companies, with larger organisations—those generating over £100 million ($169.4 million) annually—most at risk, the report revealed.
The most frequent causes of cyber breaches were compromised emails, responsible for 20% of incidents, and data theft, which accounted for 18%.
Despite these risks, the survey highlighted a concerning lack of cybersecurity measures in many businesses.
Only 61% of firms reported using anti-virus software, and just 55% had implemented network firewalls. High costs and limited IT resources were cited as barriers to stronger defences.
“Cybercrime is on the rise, with malicious actors continuing to exploit vulnerabilities, particularly as firms increasingly rely on technology for their operations,” said Sarah Neild, Howden’s Head of UK Cyber Retail.
The findings are based on a September survey conducted by YouGov, which polled 905 IT decision-makers in the UK’s private sector.
As cyber threats grow in sophistication, the report underscores the urgent need for businesses to prioritise cybersecurity investments to safeguard their operations and revenue.
Britain faces the looming threat of Russian cyber attacks targeting critical infrastructure, a senior minister is set to warn at a NATO conference.
Chancellor of the Duchy of Lancaster Pat McFadden will highlight the severe risks posed by Moscow’s digital warfare, cautioning allies against underestimating its capabilities.
Speaking at the NATO Cyber Defence Conference next week, McFadden will stress that Russia’s actions aim to undermine nations supporting Ukraine, including the United Kingdom.
Drawing lessons from history, he will argue that appeasing aggression only emboldens authoritarian regimes.
“Russia has already targeted British energy infrastructure and won’t hesitate to go further,” McFadden is expected to say. “With a cyber attack, Russia can turn the lights off for millions of people and shut down power grids.”
His remarks, previewed by The Sunday Telegraph, underline Britain’s vigilance in countering Russian cyber operations.
