Increasing numbers of UK businesses are struggling to understand how to combat cybercrime, putting them at increased risk of cyberattacks resulting in crippling costs such as multi-million pound ransoms, litigation and reputational damage, according to a new report published today.
The report – Effective Board Governance of Cyber Security: A source of competitive advantage, published by Savanti, a leading UK cyber security consultancy – highlights how global cyberattacks increased by 38% in 2022, compared to 2021[1].
In terms of numbers, across all UK businesses, there were 2.4 million instances of cybercrime in the last 12 months[2]. According to Cybersecurity Ventures, the cost of cybercrime to business could reach £8.4 trillion annually by 2025 and if it was measured as a country, cybercrime would be the world’s third-largest economy after the US and China[3].
High-profile recent incidents include the cyberattack on the Electoral Commission, where a breach undetected for 14 months resulted in access to voters’ personal data including home addresses, images, email addresses, names and telephone numbers, as well as cyberattacks on…
