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More than half of UK businesses were impacted by some form of cybercrime in 2016

New research published by Beaming, the business ISP, indicates that 52 percent of British businesses fell victim to some form of cybercrime in 2016. The study, which was conducted by researchers at Opinium, puts the cost of these attacks at £29.1 billion.

Computer viruses and phishing attacks were the most common corporate cyber threats faced by British businesses in 2016, in both cases impacting 23 percent of the businesses surveyed. Just under a fifth (18 percent) of businesses suffered some form or hack or data breach in 2016.

The risk of cyber security breaches increases with business size; 71 percent of organizations with more than 250 employees were victim to some form of cybercrime last year, compared to less than a third (31 percent) of enterprises with fewer than 10 people.

Hacking and data theft top the cyber security agenda

The threat of hacking and data theft garners the greatest amount of attention at board level within British businesses. A third (30 percent) of companies discuss these matters in senior leadership meetings, compared to less than a fifth (18 percent) a year ago.

More than half a million British businesses took out cyber insurance policies for the first time in the last 12 months. 19 percent of UK companies are now covered for losses associated with cyber security breaches and data theft.

Small businesses accelerate investment in cyber security

Adoption of new cyber security technologies increased the fastest amongst smaller businesses in 2016. Demand for unified threat management devices, web application firewalls and network access control systems increased by 71 percent, 59 percent and 45 percent respectively amongst those employing between 10 and 49 people.

Methodology

In January 2017, the research consultancy Opinium interviewed 547 business leaders from a nationally representative sample of British businesses about their approaches to cyber security and any breaches that affected their organizations in 2016. Figures showing the overall impact of security breaches were obtained by considering Beaming's findings alongside business population estimates from the Department for Business, Energy & Industrial Strategy.

www.beaming.biz



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