Cyber crime has cost UK businesses £87 billion since 2015

guest · Jul 6, 2020

Cyber crime has cost UK businesses £87 billion since 2015
Large companies were found to be the most likely target for cyber criminals
July 6, 2020
https://www.itpro.co.uk/security/cy...87-billion-in-five-years-tackling-cyber-crime

Cyber crime in the UK has doubled in the last five years, costing businesses £87 billion since 2015, according to a new study by specialist business internet service provider (ISP) Beaming.
The cyber security study found that a quarter (25%) of UK businesses were targeted by cyber criminals in 2019, up from 13% in 2015. Overall, the number of affected businesses rose from 755,000 to 1.5 million.
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Beaming, which interviewed more than 2,500 business leaders about their cyber security, estimated the total cost of cyber security breaches over the last five years to be more than £87 billion, taking into account damaged assets, financial penalties and lost productivity.

In a third of all breach cases (37% in 2015 and 36% in 2019), responsibility was with the employees, whether it was through malicious intent, neglect, or genuine mistakes.

“The threat has grown astronomically over the last five years. What used to be seen as a big-business problem has become a serious concern for every company director, manager and IT professional out there,” said Blizzard.
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Beaming: Cyber crime costs UK businesses £87bn in 5 years

UK Cyber Crime has doubled since 2015
In every year of Beaming’s study, large companies (250+ employees) were most at risk, culminating last year with nine out of 10 (87%) falling victim. Small businesses experienced the steepest rise in victim rates: 28% of 11-50 person firms were hit in 2015, rising steeply to 62% last year.

• Although more companies are taking measures against cyber crime, uptake of these measures remains very low overall.
• Malware continues to be the biggest concern for business leaders, with 45% now taking additional measures to combat it (compared to 26% in 2015). Hacking and password attacks, where criminals use scripts that try a wide range of possible password combinations, were also big concerns for leaders.
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