Understanding the Impact of Cyber Attacks on UK Businesses: Insights from the 2024 Cyber Security Breaches Survey

The 2024 Cyber Security Breaches Survey, published by the UK Government, reveals that half of UK businesses reported experiencing a cyber attack last year, with phishing being the most common threat. Despite the high incidence, many businesses still lack comprehensive cyber security measures.  

Assure Technical provides tailored cyber security solutions to help businesses enhance their security posture and protect against evolving threats.  This blog aims to succinctly inform business leaders and decision-makers about the results of this survey, the implications of cyber attacks and the importance of robust cyber security practices.

Introduction

In today’s digital landscape, cyber security has become a paramount concern for businesses of all sizes. The latest Cyber Security Breaches Survey, conducted as part of the UK’s National Cyber Strategy, offers critical insights into the cyber threats facing UK businesses and the effectiveness of their current cyber security measures. 

Key Takeaways

1. Prevalence of Cyber Attacks:
   • 50% of businesses reported at least one cyber attack in the past 12 months.
   • Medium and large businesses report even higher rates, with 70% and 74%, respectively.
     
2. Common Types of Cyber Attacks:
   • Phishing is the most prevalent type of attack, affecting 84% of businesses.
   • Impersonation and malware attacks also pose significant threats.
     
3. Business Impact:
   • Cyber attacks can result in significant financial loss, operational impact and reputational damage.
   • A data breach costs UK businesses an average of £2.93 million ($4 million USD), a substantial financial blow.
   • Cyber attacks against UK businesses are estimated to occur at an alarming rate of 14.8 attacks per minute, based on the past year’s data.
     
4. Cyber Hygiene Practices:
   • Common measures include malware protection, password policies, and network firewalls.
   • Adoption of these measures has increased slightly among businesses compared to the previous year.
     
5. Risk Management and Governance:
   • Just over one in ten businesses say they review the risks posed by their immediate suppliers.
   • Despite the growing cyber security threat, only 31% of businesses have undertaken cyber security risk assessments in the last year – rising to 63% of medium businesses and 72% of large businesses.
     
6. Incident Response Preparedness:
   • Many businesses lack formal incident response plans, with only 22% having such plans, although this rises to 55% for medium-sized businesses and 73% for large businesses.

Conclusion

The 2024 Cyber Security Breaches Survey findings highlight the ongoing and evolving nature of cyber threats to UK businesses.  The days of ‘it won’t happen to us’ are well and truly in the past.  As cyber-attacks become more sophisticated, it is crucial for businesses to implement robust cyber security measures. 

By staying informed and proactive, business leaders can mitigate cyber-attack risks and ensure a secure digital environment. Assure Technical is here to support you every step of the way, ensuring your business remains resilient against cyber threats.

How can Assure Technical help?

At Assure Technical, we believe in keeping security simple. Our genuine 4.9* rating on Trustpilot makes us the most trusted IT Service provider in the UK.  Our team of UK-based experts is dedicated to providing bespoke solutions tailored to your specific needs, ensuring that you can focus on your core business activities with confidence. 

We offer a comprehensive range of award-winning cyber security solutions, including Cyber Essentials certification, penetration testing, cyber awareness training and strategic security consultancy, to help businesses protect their assets and ensure compliance with industry standards.

For more details about our services and how we can help your business protect its information and assets, book a no-obligation complimentary consultation with one of our experts today. Let’s work together to enhance your cyber security and protect your business from potential threats.