UK small businesses face higher cyberattack rates than global average

Nearly four in 10 UK small businesses experienced a successful cyberattack in the past year, a rate of 38% that significantly exceeds the global average of 29%, based on information published by The Cyber Express.

The Hiscox Cyber Readiness Report indicates that UK small firms are more exposed to cyber threats than their international counterparts, with an average of four attacks reported globally per affected business. While the average cost per incident globally was $52,000, resulting in about 32 hours of disruption, UK firms faced an average cost of $35,908 (£26,650) per attack.

Cyber incidents are impacting business growth, with 32% of affected firms globally reporting delays in expansion plans. Other consequences include increased staffing costs, direct financial damage, and lost business opportunities. Reputation and customer trust are the most significant cyber-related risks, followed by operational downtime and supply chain disruptions.

In response, UK businesses are increasing their spending on cyber resilience, averaging $59,700 (£44,294), ranking third among surveyed markets. Despite increased investment, a gap persists in cyber insurance uptake, with only about 40% of UK small and medium-sized enterprises holding a dedicated policy.

Source: The Cyber Express

Written by

Kelley Damore Chief Content Officer CyberRisk Alliance

Kelley Damore is Chief Content Officer at CyberRisk Alliance, where she leads content strategy across the company’s digital brands, research, communities and live events serving CISOs and security practitioners. At CyberRisk Alliance, she is focused on delivering 365-day engagement, trusted journalism and actionable insights to help security leaders navigate an increasingly complex threat landscape.