Cybercrime increases in 2024
The threat from cybercrime continues to grow, costing the UK billions of pounds each year, causing wide-reaching damage and even threatening national security. Affecting businesses and private individuals alike, cyberattacks can be disruptive, upsetting and financially devastating, calling for everyone to become more cyber aware and take steps to protect computer systems and sensitive information.
Just recently, on 3rd June, Synnovis, a pathology lab that processes blood tests on behalf of a number of NHS organisations, was the victim of a cyberattack, with the cybercriminal group publishing personal and sensitive data online. With the general election imminent on 4th July, political candidates and election officials have been given access to unparalleled cyber defence support to help boost their digital security and prevent them from falling foul of spear-phishing, malware and other threats.
The cost of cybercrime
Of course, it’s not just high-profile companies or individuals who are targeted. The most recent UK Gov Cyber Security Breaches Survey 2024 reveals that over 560,000 new cyber threats are discovered daily, with 81% of all UK businesses that have suffered a cyberattack being SMEs.
The total cost of cybercrime to the UK economy is estimated to be around £4.6 billion a year, with businesses accounting for a significant proportion and the average cost to remedy an attack around £21,000. One of the most common forms of cybercrime is fraud. A total of £1.3 billion was lost to fraud in the UK in 2020, which included £63.8m lost to online shopping fraud.
In 2024, the biggest threat continues to be cyberattack, with 50% of UK businesses reporting a cyber-attack in the last 12 months - an increase from 39% in 2022 - and the average cost to an SME being £10,830.
Latest figures
The UK Gov CyberSecurity Breaches Survey 2024 reveals that:
- In 2023, UK businesses faced 7.78 million cyberattacks
- 50% of UK businesses reported a cyberattack or security breach in the past year
- 75% of large organisations and 45% of small businesses in the UK experienced phishing
- 81% of cyberattacks and data breaches happen to SMEs
- There are an estimated 14.8 cyberattacks against UK businesses every minute
- Cyberattacks increase by 30% during holiday periods
- Action Fraud received over 1 million reports of fraud and cybercrime in the UK in 2020
- The UK was the second most targeted country in the world for cyberattacks after the USA.
UK businesses unprepared
Despite these figures, only 22% of UK businesses have a formal cyber security incident plan in place and, in 2024, only 31% of businesses undertook a cyber security risk assessment. This suggests that many businesses are not prepared for the threat of cybercrime. It is estimated that if businesses had modern comprehensive cyber services in place, approximately 97% of cyberattacks and data breaches could have been prevented.
Ransomware greatest threat
The National Crime Agency (NCA) is quite clear in its communication: the deployment of ransomware remains the greatest cyber threat to the UK, with attacks leading to loss of finances, data and services that can potentially lead to business closure. Other threats include hacking, phishing, malicious software and distributed denial of service (DDOS) attacks.
Russian-language criminals continue to be responsible for most high-profile cybercrime attacks against the UK, and high-end cybercrime groups continue to improve their business models, making it easier and quicker to extract funds from victims. Extorting victims by threatening to sell or publish stolen data is an established part of the business model.
Cybercriminals seek to exploit human or security vulnerabilities to steal passwords, data, or money directly. Worryingly, compromised tools that enable cybercrime are available to an increasing range of cybercriminals with only basic capability, giving them the means to cause serious damage to UK businesses and individuals.
Talk to TMD
We believe it’s essential to stay informed about cybercrime in today’s digital world and to have a good understanding of existing and emerging threats. A comprehensive cyber insurance policy is an essential consideration, providing access to cyber experts in the event of a cyberattack, helping you to manage the situation, retrieve data and get back on your feet as quickly as possible, as well as providing financial assistance. To find out more and arrange tailored cover to meet your specific needs, please contact us for a no obligation chat. Our business is your protection - call us on 01992 703 000 or email us at insurance@mcdonaghs.co.uk