[New] DO YOU KNOW YOUR CYBERSECURITY RISK? 5 important statistics that all business owners should know

Cyber attacks are on the rise, and businesses of all sizes are being targeted more frequently. Cyber criminals are also employing increasingly sophisticated tactics to bypass cybersecurity measures, meaning it is more important than ever for businesses to protect against cyber attacks.

1) 95 percent of cybersecurity breaches are caused by human error.

This could be the unintentional action, or lack of action taken by employees and users that cause, spread or allow a security breach to take place.

2) There were over 400,000 reports of fraud and cybercrime in the UK last year.

This figure does not account for breaches caused by human error, so the total number will be much higher.

3) In 2021 UK Businesses lost more than £736m through business cyber crime.

The cost of a cyber breach can range from thousands up to millions. It’s important to understand your cyber risk and invest in adequate cyber insurance to protect your business.

4) Four in ten businesses (39%) and a quarter of charities (26%) report having experienced cyber security breaches or attacks in the last 12 months. Sectors that are at increased risk of cyber crime include banking and financial companies, healthcare and hospitality providers, legal firms and small businesses.

5) In 2021 there were, on average, 270 attacks (unauthorized access of data, applications, services, networks or devices) per company over the year, an increase of 31% compared with 2020.

Cyber criminals are becoming increasingly persistent, and often a business will be subject to a range of different cyber attacks.

Cybersecurity

and Training

Robust cybersecurity is an essential investment to protect your business, regardless of size or industry. Cyber insurance policies also require businesses to have adequate cybersecurity measures in place.

It is also important to provide frequent employee training to stay ahead of the increasingly sophisticated methods used by cyber criminals. Some cyber policies even offer employee cybersecurity training, to help reduce the risk of claims caused by human error.

Cyber Insurance

Cyber insurance cover helps your business offset the costs of recovery after a cyber-related security breach, loss of data, a ransomware attack or a similar event.

A comprehensive cyber and crime policy will provide financial compensation for the direct costs incurred to the business and any liabilities payable to third parties following a cyber attack or data breach.

Many policies also offer Cyber Breach Response Support, an invaluable resource when dealing with cyber-attacks. These services can include crisis containment, PR and reputation management and independent legal advice.

Contact Us

Rebecca Sugden rebecca.sugden@tysers.com 01462 439 849 | 07971 501 757 www.tysers.com