April 9, 2024 at 08:52AM
UK businesses’ response to security breaches has “astounded” experts following the release of the 2024 cybercrime stats. The report reveals only 22% have a formal incident response plan, with low reporting rates to authorities. Small businesses drive down figures, showing lack of awareness and seeking outside cybersecurity expertise. Breaches cost businesses an average of £1,206, with phishing as the most common type of cybercrime. Large businesses are primary targets.
Key takeaways from the meeting notes on UK businesses’ response to security breaches:
– UK businesses have astounded experts with their lack of preparedness for security breaches, as revealed by the release of the government’s official cybercrime stats for 2024.
– Only 22 percent of 2,000 businesses have a formal incident response plan in place, which is considered remarkably low and flies in the face of common sense.
– Reporting of breaches to external authorities and organizations is also low, with only 10 percent of businesses reporting to the police and even fewer to the National Cyber Security Centre (NCSC).
– Most organizations don’t deem security incidents significant enough to report, and small and micro businesses are pulling down the overall figures.
– 39 percent of businesses took no action following their most disruptive breach in the previous 12 months, with the majority defaulting to delivering more training to staff.
– There has been a general decrease in awareness of security initiatives and willingness to seek support, with only 41 percent of businesses seeking cybersecurity information from outside their organization over the previous 12 months.
– The average financial hit for a security breach is £1,206 ($1,529) for businesses, significantly higher for medium and large businesses.
– Phishing is the most common type of cybercrime affecting UK businesses, with 90 percent of respondents identifying attempts in the past 12 months.
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