Almost two in five UK small businesses suffered a cyber attack in the past year, new research reveals.
A global study by Hiscox found UK firms were most affected by cyber criminals with 38% experiencing an attack. That compares to the 29% global average.
The average cost of cyber attacks in the UK was $35,908 (£26,868), while globally it was $52,000 (£38,000).
Worldwide, the incidents caused an average 32 hours of operational disruption.
One in three businesses globally said cyber attacks delayed growth and expansion plans, with 31% reporting increased staffing costs, 30% financial damage, and 29% and lost opportunities.
Companies were also concerned by the longer-term consequences of cyber incidents. Reputation and customer trust was the biggest risk for 48% of businesses, ahead of operational downtime or business interruption (46%) and supply chain or third-party disruptions (44%).
Among organisations that had experienced an incident, 28% were impacted by financial penalties and 26% by bad publicity.
The average spend on cyber security measures was $51,000. That included new technology (51%), hiring specialist staff (55%), and updating employee training (62%).
Hiscox’s Eddie Lamb said the company’s 10 years of research shows “a clear shift in the cyber threat and how businesses respond to it”.
“Cyber risk has become a recurring cost, not an exceptional event,” he warned.
