? of businesses now consider cybersecurity a high priority

Technology is always going to be advancing and in today’s challenging economy, no company can afford to fall victim to cybersecurity trouble, such as a cyberattack or data breach for example. The 2024 Cyber Security Breaches Survey was released this month and as we navigate an increasingly technology-dependent world, I’m here to provide my 5 key takeaways to help you strengthen your defences:?

1. Widespread Vulnerability: Heighted threat awareness is crucial. The survey reveals that 50% of UK businesses and 32% of UK charities experienced some form of cyber security breach or attack in the past year. This underscores the invasive risk across all sectors, highlighting the need for comprehensive cybersecurity strategies. To mitigate these risks, companies must conduct regular vulnerability assessments as well as cybersecurity awareness training and robust phishing defence mechanisms to keep the team sharp.?
2. Phishing Dominates: Notably, phishing attacks remain the most common threat, affecting 84% of UK businesses and 83% of UK charities that reported breaches. This statistic emphasises the importance of ongoing employee training and robust email security defences to alleviate the risk of such attacks.?
3. The Cost of Breaches: The financial impact of cyber-attacks can be substantial, with the average breach costing businesses approximately ￡1,205 and?￡10,830 for medium and large businesses per incident with many companies reporting numerous attacks. This figure highlights the economic incentive for investing in effective cybersecurity measures to avoid potential losses. For example, offensive security.?
4. Cybersecurity as a Priority: Despite economic pressures, the survey found that a stable proportion of businesses and charities continue to prioritise cybersecurity. This continued focus is crucial for maintaining trust and operational integrity in a digital-first world. With the average cost of the most disruptive breach pegged at approximately ￡1,205 for businesses, investing in cybersecurity is not just about risk mitigation—it's about financial prudence. For medium to large businesses, where the stakes and costs are significantly higher, the focus must shift to comprehensive cyber resilience strategies that support business continuity.?
5. Insurance and Risk Management: There is a growing trend towards adopting cyber insurance, with 43% of businesses now buying cover, up from 37% the previous year. Additionally, businesses are increasingly conducting cyber risk assessments, indicating an effort to meet the insurance criteria, ensuring the cover pays out if needed and to a proactive approach to identifying and mitigating potential vulnerabilities and risk.?

?

Honourable Mention:?

Cyber Hygiene is Foundational: The increasing implementation of fundamental cyber hygiene practices is a positive trend. UK Businesses are starting to recognise the importance of updated malware protection, strong password policies, and secure network firewalls. Ensure these basics are not just tick-box exercises but integrated components of your wider security architecture.?

So, this survey has revealed more UK businesses are investing in a range of cybersecurity tools to protect their networks and data, but how can they be sure they're choosing the right defences? Even with significant investments in cybersecurity, vulnerabilities can remain, leaving openings for cybercriminals to exploit. This is where penetration testing comes in.?

These insights from the Cyber Security Breaches Survey 2024 serve as a reminder of the critical need for businesses to stay vigilant and proactive in their cybersecurity efforts. It reveals a stark reality: while larger companies report more breaches, primarily due to their capacity to detect them through advanced cybersecurity tools, smaller businesses are likely experiencing similar levels of threat but often remain in the dark due to a lack of detection capabilities, leaving them exposed and their data potentially at risk.?

?

Taking a proactive stance on cybersecurity by conducting regular assessments enables organisations to strengthen their digital defences, stay agile against emerging threats, and uphold a robust shield against the ever-changing landscape of cyber risks. Amidst the complexities of the digital world, investing in frequent penetration testing becomes more than just essential—it truly can be your cybersecurity secret weapon and strategic necessity in the continuous fight against cyber threats.??

Stay vigilant, stay informed, and most importantly, stay secure.?

Learn more about how penetration testing can help your business.??

Source: https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2024/cyber-security-breaches-survey-2024?????