Cyberattacks Cost UK Businesses £44 Billion: Howden Report

The international insurance group Howden has unveiled the findings of an extensive study on the cybersecurity landscape of British companies from 2019 to 2024. According to the data, over half (52%) of UK enterprises experienced at least one cyberattack in the past five years, resulting in revenue losses amounting to approximately £44 billion ($55.08 billion).

Large corporations with annual revenues exceeding £100 million proved to be the most vulnerable, with 74% of them falling victim to cyberattacks. Small and medium-sized businesses also face significant risks, as 49% of companies with revenues between £2 million and £50 million reported suffering from cybercriminal activities.

The primary attack vectors identified were email compromise (20% of incidents) and data theft (18%), with the average financial impact per incident amounting to £2.1 million and £2 million, respectively.

The research exposed a critical gap in the cybersecurity measures of British enterprises. Only 61% of companies actively deploy antivirus software, and just 55% have implemented network firewalls. The main barriers to enhancing cybersecurity were cited as high costs (26%), lack of knowledge (26%), and insufficient internal IT resources (22%).

British businesses identified several key measures to improve cyber resilience, including tax incentives for cybersecurity investments (33%), free access to expertise and resources (32%), mandatory minimum cybersecurity standards (31%), and compulsory cyber insurance (26%).

The study’s conclusions are based on a survey conducted by YouGov between September 9 and 22, 2024, involving 905 IT department heads from private British companies.