Despite many high profile and very well documented reports of cyber-attacks over the last few years, a recent survey by Hiscox has found that the number of UK firms reporting breaches of their own is actually on the rise, reaching an astonishing 55% in 2019, up 15% from 2018.
Hiscox surveyed more than 5,400 across 7 European countries, and although the number of firms achieving a top score for cyber security has dropped, the UK faired a lot worse than others with the lowest average cyber security budget of less than $900,000 (average across study group $1.46 million) and were also found to be joint-least likely to have a defined role for cyber security employed in their business.
Head of Cyber at Hiscox, Gareth Wharton, suggests that the low average budget could be a result of the number of smaller business in the UK who “may feel like they won’t be targeted, as we tend to only read about large breaches in the press. If they incorrectly feel that they won’t be targeted, they may be less likely to spend on cyber security.”
Whilst it’s indeed true that larger businesses are most at risk from these attacks, the number of smaller (<50 employees) and medium sized (50 – 249 employees) firms reporting one or more incidents have also increased, and the most concerning statistic of all is that just under 75% have admitted being ill-prepared to combat the ever growing threats.
It’s not all doom and gloom however, as there are solutions out there that will effectively help to combat the risks associated with cyber-attacks, and some of them are even versatile enough to suit businesses of all shapes and sizes.
Here at UK Backup, we deliver managed cloud backup solutions and protect the data of many private and public sector organisations who understand the importance of protecting their data – why not get in touch today to find out how we could do the same for you?