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Cyber News: 22% of UK businesses financially impacted by cyberattacks

One in five (22%) of UK businesses have had a cyber-attack that has cost their business financially.

A YouGov survey sponsored by SJL Insurance has shown more than one in five (22%) of UK businesses have had a cyber-attack that has cost their business financially. 1051 senior decision makers from businesses in Britain, ranging from sole traders to large corporations participated in the survey between 3rd – 11th June 2019.

  • 3% of senior decision makers saying their business has experienced an attack more than 10 times.
  •  Up to 87% of businesses who knew how much the attack cost the firm in financial losses, suffered up to £99,999 worth of damage. The costs arise from the attack itself, the remediation and repairing, time taken to deal with it and reputational damage by regaining public trust.
  • 2% of senior decision makers who knew the sum lost that it cost the business suffered £250,000,000 worth of damage and 9% of those who knew experienced between £100,000 – £499,999 worth of damage.
  • 59% of those who knew how much the business had suffered financially as a result of the cyber-crime attack had between £1,000 and £250,000,000 worth of damage done.
  • 65% of businesses experienced between £100 – £99,999 worth of damage.

Rob Shapland, ethical hacker, Falanx Cyber said: “The findings of the survey reinforce the risk that businesses of all sizes are facing from cyber-crime, and the financial implications of not being prepared. Relatively small investments in cyber defence, such as awareness training for staff, regular penetration testing and Managed Detection and Response (MDR), can ensure not only is the business protected, but also has the ability to respond appropriately should an attack occur.”

About Falanx Cyber

Falanx Cyber puts enterprise-class cyber security services within reach of every organisation. We identify areas of cyber risk threatening the integrity of your business and provide complete end-to-end managed cyber security services to alleviate those risks. Combining proactive managed detection and response services with penetration testing, incident response and consultancy.

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