Nine In 10 £5m+ Businesses Hit By Cyber Attacks

Almost nine in 10 UK businesses turning over more than £5 million annually have experienced a cyberattack, according to new research from Forbes Advisor.

The study questioned senior decision makers across a range of UK small and medium-sized enterprises (SMEs), finding that more than half (57%) had suffered an online attack.

However, firms with an annual turnover in excess of £5 million were far more likely to experience cyber-crimes against their company (88%).

These attacks have led to serious consequences in many cases, with more than a fifth of cyber security breaches leading to businesses being forced to pay a ransom (22%).

Personal details are also under threat as these attacks compromised client and staff information in 26% and 23% of cases respectively.

Of those admitting to using company devices to spend time on inappropriate sites, common destinations include the dark web and sites containing pornographic material (both 17%).

Kevin Pratt, financial expert at Forbes Advisor, says: “The nature of the modern workplace means more online devices are being used than ever. This inevitably means that there are more ways that a business could suffer a digital attack. Our research shows that cyber security issues are incredibly common in this country, particularly among firms with a turnover of £5 million or more.

“We’ve also found that a significant proportion of British businesses are without any form of protection against online assaults, and it’s important to address this shortfall by highlighting the consequences of a cyber attack, such as financial losses and breaches of sensitive information.

“Companies can take a number of measures to protect against cyber-attacks, including anti-virus software, firewalls and VPNs. Prevention really is better than cure”