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£5k loss for businesses EVERY cyber attack: expert reveals how to reduce risk | #cybercrime | #computerhacker

Amid reports from Britain’s GCHQ spy agency that rapid artificial intelligence (AI) development will increase cyberattacks, global cybercrime costs are estimated to hit £10.5 trillion annually by 2025, emphasising the need for enhanced cybersecurity measures.1,2

With this in mind, the SEO agency Reboot Online analysed website security as part of their website statistics report. They examined cyber crime statistics by business type and size, as well as sharing tips on how to reduce security risks for your business in 2024.

A breakdown of UK cyber crime statistics for UK businesses

The primary targets of cybercrime in 2023 were large businesses, accounting for six in 10 responses (69%). Medium-sized businesses were also significantly impacted, with 59% experiencing cybercrime in 2023. The importance of robust cybersecurity similarly extends to the charitable sector, with over half of high-income charities (56%) experiencing a cyber crime in 2023 and almost a quarter of charities (24%) faced similar threats.

The UK Government estimates that the average cost of cyber security breaches to UK businesses in 2023 was £1,100 per attack. By comparison, this was about half (£530) for UK charities, yet almost 5 times greater (£4,960) for medium and large businesses.

A breakdown of cyber security statistics between different sized UK businesses

Although global cybercrime costs are estimated to hit £10.5 trillion annually by 2025, just under a quarter (23%) of UK businesses surveyed by AAG had a formal cybersecurity strategy in place. This comparative figure fell to 1 in 5 (20%) for SMEs and almost 3 in 5 (57%) for large corporations.

SEO Director of Reboot, an SEO agency, Oliver Sissons has shared how to reduce cybersecurity risks for your business in 2024:

Implement Multi-Factor Authentication (MFA):

“To enhance your cybersecurity measures, consider enforcing the use of multi-factor authentication for accessing sensitive systems and data. This step adds an extra layer of security beyond passwords, making it more challenging for unauthorised individuals to gain access and bolstering your overall defence strategy effectively.”

Regular Employee Training and Awareness Programs

“Consider implementing regular cybersecurity training for employees. This initiative aims to raise awareness about phishing attacks, social engineering tactics, and other potential risks. Informed and vigilant employees serve as a crucial line of defence against cyberattacks, contributing to a more secure organisational environment.”

Update and Patch Systems Promptly

“It’s essential to consistently update and patch all software, including operating systems and applications. Cybercriminals frequently target vulnerabilities in outdated software, making regular updates a critical defence strategy. By keeping your systems up-to-date, you actively mitigate potential risks and enhance the overall security posture of your organisation.”

Enhance AI Security Training

“Provide specialised cybersecurity training for IT professionals to understand and counter AI-specific threats. As AI becomes more integrated into security frameworks, ensuring that cybersecurity personnel are well-versed in AI vulnerabilities and defence strategies is crucial.”

Regular Security Audits and Assessments

“Conduct periodic cybersecurity audits and assessments to identify vulnerabilities and weaknesses in the organisation’s infrastructure. Regular evaluations help businesses stay ahead of potential threats and ensure that security measures are effective and up-to-date.”

[1] – Reuters | “AI rise will lead to increase in cyberattacks, GCHQ warns”

[2] – Cobalt | “Top Cybersecurity Statistics for 2024”


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