Third of British firms targeted by cyber threats ignore attacks

Credit: Shutterstock.com/ Maksim Kabakou

Almost a third of British firms hit by cyber-security attacks last year chose to ignore them, according to new research.

Findings gathered by LearnBonds revealed that 32% of UK companies said they took “no action” after an online security breath in 2019.

61% of large businesses identified cyber breaches over the last 12 months, although this figure falls to 32% when the country’s medium-sized and small firms are taken into consideration.

The most common attacks are phishing breaches, where fraudsters send emails purporting to be from reputable companies in order to tempt firms to reveal sensitive information, such as passwords or credit card numbers. Criminals sending malware and ransomware attacks were also common.

The average cost of these attacks for large firms was £22,700, though when medium-sized and small firms are taken into consideration the mean costs falls to £9,470, according to recent data from Ipsos Mori for the Department for Digital, Culture, Media and Sport.

The department added that the “costs of cyber-security breaches can be substantial”, adding that “things like lost productivity or reputational damage – tend to be overlooked. This means that, when organisations reflect on their approaches to cyber-security, they may be undervaluing the true cost and impact of cyber-security breaches.”