Cyberattacks Have Cost UK Businesses $55 Billion Over Five Years

Over the last five years, cyberattacks have inflicted an estimated loss of £44 billion ($55 billion) on British businesses, according to a new report. The findings highlight that more than half of private sector companies in the UK have experienced at least one cyberattack during this period, underscoring the growing threat of cybercrime.

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Businesses Losing Revenue to Cybercrime

Cyberattacks are causing UK companies to lose an average of 1.9% of their annual revenue, with larger firms—those earning over £100 million annually—being the primary targets. Cybercriminals are leveraging vulnerabilities in business operations, often causing significant disruptions and financial setbacks.

Common Cyber Threats

The report identifies the main causes of cyberattacks affecting businesses:

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• Email breaches (20%): Cybercriminals exploit email systems through phishing schemes and compromised accounts.

• Data theft (18%): Unauthorized access to sensitive business data continues to pose a serious challenge.

These attacks not only harm companies financially but also damage their reputation and customer trust.

Insufficient Cybersecurity Measures

A surprising number of UK businesses lack even basic cybersecurity protections, leaving them exposed to growing risks:

• Only 61% of businesses have deployed anti-virus software.

• Just 55% are utilizing network firewalls.

The reluctance to invest in cybersecurity measures is often linked to cost constraints and limited IT resources. For many companies, especially small and medium-sized enterprises, the financial burden of robust cybersecurity solutions remains a barrier.

Rising Dependence on Technology Increases Risks

As businesses continue to rely more heavily on technology for their operations, cybercriminals are exploiting gaps in security systems. Experts warn that firms must adapt quickly to the evolving landscape of cyber threats or face further losses.

Call to Action

The findings serve as a wake-up call for UK businesses to prioritize cybersecurity and adopt preventive measures to protect their operations. By investing in advanced software, training employees, and ensuring critical systems are safeguarded, companies can reduce the risk of attacks and minimize financial impacts.

Also Read: Supreme Court Allows Class Action Lawsuit Against Meta Over Data Risks