More than one in five British businesses have had a cyber-crime attack that has cost them financially
Over half say they’ve been a repeat victim
It’s a silent risk but more than one in five (22%) British businesses have had a recent cyber-attack that has cost their business financially.
The YouGov cyber survey, commissioned by SJL Insurance, spoke to more than 1000 (1051) senior decision makers from British businesses, ranging from sole traders to large corporations.
In the most extreme cases, 2% companies who knew the amount they had lost through cyber-crime admitted the breach cost them more than 250 million pounds.
More than a quarter (27%) of businesses say their company has experienced at least one cyber-attack.
Cyber-attacks can be anything from theft of corporate or financial information theft (e.g. bank details or payment card details) to disruption to trading.
The costs arise from the attack itself, reputational damage by regaining public trust, repairing the damage and the amount of time it takes to deal with a breach.
Almost one in ten (9%) of those who knew about an attack experienced between £100,000 – £499,999 worth of damage.
Sole traders and small businesses in particular are being encouraged to better protect themselves against a cyber-attack. 93% of sole traders do not have cyber insurance. The poll found almost half of senior decision makers (46%) said their business has never had cyber insurance when you add the number of 31% who don’t know if they’ve been a victim the figure could be as much as 77%.
Whilst cyber insurance is becoming more prevalent, over half (53%) who were victims of an attack weren’t covered by a cyber insurance policy.
Many with cyber insurance do not have adequate cyber cover, so insurance champion Simon Lancaster will educate listeners/viewers in how they increase the chances of securing more money in their claim.
39% of senior decision makers in businesses who were victims of cyber-crime had cyber insurance at the time of the most recent attack with 53% not having it and 8% of respondents didn’t know or couldn’t remember.
At least 46% of senior decision makers said their business has never had cyber insurance which is putting British businesses at a higher level of unnecessary risk, with a further 31% not knowing so that number could possibly be up to 77%.
65% of senior decision makers in businesses that have experienced a cyber-attack that cost them financially and who knew the cost, said their business experienced between £100 – £99,999 worth of damage in the most recent cyber-attack it had.
3% of senior decision makers said their business has experienced an attack more than 10 times.
9% of senior decision makers in businesses that have experienced a cyber-attack that cost them financially and who knew the cost, said their business experienced between £100,000 – £499,999 worth of damage in its most recent cyber attack
59% of those who knew how much the business had suffered financially as a result of the most recent cyber-crime attack it had experienced had between £1,000 and 250 million pounds worth of damage done.
Cyber-attacks can send many firms out of business which is why there is an ever increasing need to take out cyber insurance with a broker who can go through a company’s individual needs to help ensure their claim is more likely to be accepted, as opposed to just clicking an Add On policy as no Add On fits all companies