UK businesses were subjected to almost 230,000 cyber security attacks each during 2016, on average.
52% of UK businesses fell victim to some form of cyber security crime in 2016 at a cost of £29.1 billion according to research published in June 2017.
That is double the rate in 2015- when 24% of all UK companies admitted that they had suffered a cyber security incident.
Large scale cyber security breaches make the headlines but about 70% of organisations are not reporting their worst security incidents- so what is making the news is just a small proportion of the breaches that are actually taking place.
For small organisations the worst breaches cost between £65,000 and £115,000 on average and for large organisations may run to many millions of pounds. These costs can occur as direct financial losses due to fraud or theft; the loss of productivity due to time spent recovering from the effects of a successful attack; or the lost of trust and reputation.
According to the latest report by the Office of National Statistics (ONS), there were 5.8 million incidents of cyber security crime and fraud in the 12 months in 2016, affecting one in 10 people in England and Wales.
Just over half of the fraud incidents were cyber security related, with 28% of these being non-investment fraud relating to online shopping or computer service calls. Some 68% of computer misuse crimes were related to malware and 32% were from unauthorised access to personal information including hacking.
However, the ONS cyber security crime and fraud figures are an estimate – as specific questions relating to cyber crime were only added to the survey in October 2015 following a field trial.
According to the ONS, cyber security crime now makes up 40% of all recorded criminal incidents.
The technical capabilities of cyber criminals continue to outpace the UK’s ability to deal with cyber threats.
For the majority of organisations, the main two lessons to take from these statistics are the rapid evolution of cyber crime, and the number of threats that any individual or organisation will face.
As a result investment tends to flow into areas where it will be most productive, and crime is no different. How safe do you think your organisation still is?