Cyber attacks are wreaking havoc across Britain’s corporate landscape, costing an eye-watering £44 billion in lost revenue over the last five years. Major retailers like Marks & Spencer, Co-op, and Harrods have felt the sting, but it’s a threat that looms over businesses of all shapes and sizes.
Key Points
- Cyber attacks have impacted 52% of UK firms, leading to substantial financial losses.
- Criminal gangs, notably DragonForce, have claimed responsibility for major recent attacks.
- The use of ransomware has become increasingly common, where hackers hold systems hostage until a payment is made.
- ATMs and click-and-collect services have been severely disrupted, highlighting the broader impact beyond just financial losses.
- Only 40% of company boards had cyber security expertise in 2021, reflecting a worrying decline in tech-savvy leadership.
Content Summary
Cyber criminals are increasingly targeting UK businesses, with recent attacks causing significant operational disruptions and financial losses. Over the past five years, these cyber incidents have cost companies a staggering £44 billion. The infamous DragonForce hacking group has gained notoriety for publicly claiming responsibility for high-profile attacks on major retailers. The phenomenon of ransomware remains a growing concern, as firms struggle with the potential crippling of their data systems unless hefty ransoms are paid. In many cases, companies are taking drastic steps, such as consulting former hostage negotiators, to navigate these dangerous waters.
As a result, businesses are being urged to review their cyber security measures seriously and invest more in protective measures. Alarmingly, an increasing number of firms are now turning to cyber insurance to help mitigate the impact of these attacks, although only half have a policy against paying ransoms.
Why should I read this?
If you’re part of a business or an investor, this article throws light on the grim reality that cyber crime is not just a tech issue—it’s a threat that could devastate your bottom line. Knowing where the risks lie and understanding the current landscape can save you from being the next headline. So really, we’ve done the legwork for you—better to be informed than sorry!