The world is facing increasingly sophisticated cybersecurity challenges, and the UK is no exception. Today, three-quarters of businesses and more than half of charities in the UK cite cyber security as a high priority for their senior management.
This sentiment was also echoed at the World Economic Forum’s annual meeting on Cybersecurity, where 90% of the 120 executives surveyed acknowledged the immediate need for action to combat the rising tide of cyber inequity.
At IMS Nucleii, we understand the unique challenges faced by UK businesses. Rather than viewing these challenges as obstacles, we see them as opportunities for growth and transformation. We have carefully compiled a list of the most pertinent cybersecurity threats facing UK business leaders today.
This guide contains the information that UK businesses need to make their cybersecurity efforts and IT investments count.
UK Cybersecurity Overview for 2024
The Cyber Security Breaches Survey, conducted as part of the UK’s National Cyber Strategy, evaluates cyber resilience across various sectors. Here are the key takeaways from this study.
Incidence of Cybersecurity Breaches/Attacks:
- Within the last 12 months, 50% of businesses experienced a cybersecurity breach or attack in some form.
- Cyberattack incidence rates are higher among medium businesses (70%) and large businesses (74%).
Types of Breaches/Attacks:
- Phishing is the most common attack, affecting 84% of businesses.
- Impersonation attacks occur in 35% of businesses.
- Viruses or other malware affect 17% of businesses.
Cost of Cybersecurity Breaches/Attacks:
- The average cost of the most disruptive breach for businesses of any size over the past year is approximately £1,205.
- For medium and large businesses, the cost rises to approximately £10,830.
UK Cybersecurity Prioritisation in 2024
Trend Analysis in Business Prioritisation
Cybersecurity is increasingly recognised as a critical priority among businesses of all sizes. The following statistics compare the prioritisation in 2024 to those in 2023, underscoring the growing awareness and proactive measures being taken.
- Micro Businesses: 73% consider it a high priority, up from 68% in 2023.
- Small Businesses: 84% consider it a high priority, up from 83% in 2023.
- Medium Businesses: 93% consider it a high priority, up from 91% in 2023.
- Large Businesses: 98% consider it a high priority, up from 96% in 2023.
Sector-Specific Cybersecurity Prioritisation:
Different sectors vary in their perception of cybersecurity urgency. The data highlights sectors that regard cybersecurity as a particularly high priority:
- Information & Communications: 65% rate it as a “very” high priority.
- Finance & Insurance: 61% rate it as a “very” high priority.
- Health & Social Care: 62% rate it as a “very” high priority.
Adoption of Cyber Hygiene Measures in 2024:
Businesses and charities have increased their implementation of cyber hygiene measures to protect against common threats. The adoption rates for 2024 reflect an upward trend compared to the previous year:
- Malware Protection: 83%, up from 76% in 2023.
- Admin Rights Restrictions: 73%, up from 67% in 2023.
- Network Firewalls: 75%, up from 66% in 2023.
- Phishing Email Processes: 54%, up from 48% in 2023.
Sector-Specific Cybersecurity Statistics
Financial Sector
- According to the IMF, the financial sector has suffered more than 20,000 cyberattacks over the past 20 years, causing $12 billion in losses.
- According to the APWG, the financial sector remained the primary target for phishing attacks, accounting for 5% of the total attacks.
Healthcare
- The World Economic Forum reported that breaches in the healthcare industry were the costliest at $10.93 million, almost twice the impact on financial services at $5.90 million.
- In the HIMSS healthcare cybersecurity survey, 59% of respondents reported that their organisation experienced a significant security incident in the past 12 months.
Manufacturing
- According to Statista, in 2023, the manufacturing industry experienced the highest number of cyberattacks among the top industries worldwide—25.7%.
- When it comes to cyberattacks, the average cost for manufacturing companies is about $17.9 million per year.
SMBs
- 75% of SMBs are unable to continue operations if hit by ransomware.
- A Microsoft study reveals that ransomware attacks surged by almost 300%, with small businesses being the target of over 50% of these attacks.
Real Estate
- Commercial real estate companies face an average cost of $3.86 million per data breach incident globally.
Emerging Cybersecurity Threats for 2024
AI-powered Attacks: Cybercriminals are increasingly leveraging artificial intelligence to automate tasks, personalise attacks, and bypass traditional security measures. These AI-powered attacks can be highly sophisticated and difficult to detect.
- 75% of respondents think AI will have a negative impact by empowering hackers to develop more sophisticated attacks.
Cloud Security: Cloud migration offers numerous benefits for businesses, but it also introduces new security risks. Misconfigurations, data breaches within cloud providers, and insider threats can all compromise sensitive information stored in the cloud.
- Spending on data privacy and cloud security is projected to record the highest growth rates in 2024. Naturally, 45% of all cybersecurity breaches are cloud-based.
Skills Shortage in Cybersecurity: The demand for skilled cybersecurity professionals is rapidly outpacing the supply. This shortage makes organisations more vulnerable to attacks, as they may not have the resources to properly defend themselves.
- According to Gartner, by 2025, more than half of significant cyber incidents will happen due to a lack of talent and general human errors.
Strengthening UK Business Resilience with Expert Cybersecurity Partnerships
Similar to global trends, the UK’s digital ecosystem is facing a wave of increasingly complex cybersecurity threats. For businesses, this negatively impacts their operational integrity and economic stability.
Since proactive cybersecurity measures have become the norm, sector-specific cybersecurity strategies are also needed. For industries like finance, healthcare, and manufacturing, a “one size fits all” approach will soon become obsolete. Additionally, the skill shortages in the domain highlight an urgent need for training and better recruitment strategies.
In this environment, strategic partnerships with experienced cybersecurity providers like IMS Nucleii are invaluable. IMS Nucleii delivers expert-managed cybersecurity services that are meticulously tailored to each business’s specific needs.
We ensure robust defence strategies that not only protect against current threats but also help you prepare for future challenges. By letting us handle your cybersecurity concerns, UK businesses can fortify their defences, bridge skill gaps, and move ahead with confidence.
Don’t miss out on this opportunity to prepare for the future. Gain deeper insights into protecting your business by exploring our whitepaper, “The Future of Cybersecurity: Trends and Predictions for the Next Decade.“
