More than 1.5m UK businesses hit by cyber crime in 2023 with small firms the worst affected
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Posted: Tue 13th Feb 2024
Businesses in the UK suffered a total cost of £30.5bn as a result of cyber crime last year, new research reveals.
Internet service provider Beaming said the figure was 138% higher than the £12.8bn estimate in 2019, when it last surveyed businesses about incidents involving cyber criminals.
More than 1.5m businesses fell victim to some form of cyber attack in 2023, the report found, with small companies employing between 11 and 50 people experiencing the steepest rise in victims (up 42%) and costs (up 396%) between 2019 and 2023.
The average cost of recovering from an incident was £5,500, while phishing, the use of deceptive emails, messages, or links to trick people into exposing a business to a breach, was the most common way companies succumbed to cybercriminals. This form of attack claimed 679,000 business victims last year.
Cybercrime rates were highest in Wales, Yorkshire and the Humber, and the South West of England, where over half of businesses fell victim.
The cost was highest in London with firms in the capital losing £7.1bn due to breaches.
In addition to rising soaring costs, the report also found a rise in the emotional toll of cybercrime. Almost all (90%) respondents who experienced cybercrime in 2023 said they suffered some form of emotional distress, reporting symptoms more commonly associated with post-traumatic stress. The figure was 76% in 2019.
Sonia Blizzard, managing director of Beaming, said:
"While large businesses are proving more resilient to cybercrime, the cost of being breached is soaring, and SMEs are being hit harder than ever before.
"Businesses are investing in training and technology but they're under sustained attack. So as the use of technology helps business to grow, the investment in cybersecurity training also needs to be maintained."
Last month the government opened a consultation on a new cyber governance code of practice to help business owners shore up their defences against cyber threats.
Join a webinar on 29 February at 11am: Why small businesses should take cyber security seriously
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