Howden Insurance Brokers revealed today that UK businesses have suffered losses amounting to £44 billion ($55.08 billion) over the past five years due to cyberattacks. At least 52% of private sector companies reported experiencing at least one cyberattack during this period.
The company stated that cyberattacks cause average revenue losses of 1.9%, with businesses generating annual revenues exceeding £100 million being the most vulnerable. The most common types of attacks included email breaches (20%) and data theft (18%).
Despite these risks, the data showed that only 61% of companies use antivirus software, and just 55% rely on network firewalls. Howden attributed this deficiency to high costs and a lack of internal IT resources, which have negatively impacted cybersecurity measures.
These findings are based on a survey of 905 IT decision-makers in the UK private sector, conducted by YouGov on behalf of Howden in September.
