Expert Opinion: Cybersecurity insights for UK Businesses

Dave Taylor, MD of Handforth-based IT support specialists, Amshire, explains the key cybersecurity insights for businesses from the 2024 Hiscox Cyber Readiness Report.

In today’s digital-first world, UK businesses face an evolving and intensifying threat landscape. The 2024 Hiscox Cyber Readiness Report reveals that cyber attacks are not only becoming more frequent but increasingly sophisticated, posing substantial financial and reputational risks for companies of all sizes.

Here are the key insights from this year’s report:

Rising Attacks Demand Stronger Defences

Cyber attacks have increased for over two-thirds of UK companies, with tactics like payment diversion fraud more prevalent than ever. Yet, as disruptive technologies like generative AI become central to business strategy, they also introduce new vulnerabilities. More than half of business leaders (56%) expect GenAI to reshape their cyber risk profile in the coming years.

Reputational Risks at the Forefront

In an era where reputation is invaluable, the impact of a cyber breach can extend far beyond financial losses. 61% of business leaders believe a cyber incident could severely damage their brand, driving customers and partners away. In fact, nearly half of organisations that suffered breaches report struggling to attract new clients in the aftermath.

Human Vulnerabilities and Insider Threats

Remote work and the use of personal devices for business have amplified insider threats. UK organizations cite employees as the second most common entry point for cyber incidents. Training and awareness are vital, as simple errors can lead to major breaches and reputational fallout.

Bridging the Cyber Skills Gap

A critical shortage of skilled cybersecurity professionals is a pressing issue for UK businesses, with over half of firms identifying this gap as a major barrier. Without sufficient expertise, many organizations feel unprepared to address the complex cyber threats facing them today.

Building Resilience Through Investment

Cyber resilience is essential, not just for recovery but as a foundation for business growth. The report reveals that companies are investing an average of 11% of their IT budgets into cybersecurity, with smaller firms often dedicating a larger proportion relative to their resources. However, to stay secure, investment in cybersecurity must continue to grow alongside technological advancements.

In today’s digital landscape, cyber threats can compromise not just your operations but the very reputation you’ve worked so hard to build. Don’t wait until it’s too late.