Cyberattacks cost companies £34bn in past year, study shows

Cyberattacks cost UK companies £34.1 billion in the past year, according to a study commissioned by internet services provider Beaming.

The research revealed the most serious cyber security threats to businesses, with managing malware costing £7.5 billion last year and data incidents costing £6.2 billion, compared with the financial impact of burglary, which cost £5.8 billion over the same period.

Vulnerable

The study comes after recent research showed that SMEs are the most vulnerable to cyberattacks, with computer viruses and data theft being identified as the biggest threats.

Businesses were also found to not be doing enough to prevent threats, with 44% using just basic methods of protection. About 12% of businesses said their IT infrastructure had been damaged by malware over the past year, costing £10,516 on average.

A recent survey by Robert Half Technology highlighted the growing problem of a cyber skills gap, with over 75% of businesses believing that they do not have the skills to tackle a cyberattack.

The research also showed which skills are becoming the most valued, with 51% of CIOs ranking cloud security as the most important, followed by IT security technologies at 47% and data analytics at 37%.

Vital

Neil Owen, Director - RH Technology & Creative at Robert Half, said: “There is no doubt that highly specialised skills are vital. But the ability to clearly articulate cyber security issues in a language that senior management and non-IT employees understand will not only increase security awareness but also enhance the reputation of the IT department as business partners who add value across the business.”