Cost of cyber-attacks continue to increase

The recently released Government compiled Cybersecurity Breaches survey 2019 has shown that the average cost of a successful cyber-attack has increased yet again.

Rising costs

The financial costs of a successful cyber-attack have risen consistently since 2017, with the average annual cost to businesses that lost data or assets following a breach rising from £2,450 to £3,160 in 2018. In 2019, that figure has increased again to £4,180.

In the case of larger businesses, the average cost rose to £22,700 and for medium businesses the cost climbed to £9270. The data also showed that attacks against charities also increased to £9,470.

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Signs of improvement?

Despite the data showing a rise in the financial cost of a successful cyber-attack, there are signs that businesses of all sizes are taking action to reduce the threat.

With new legislation such as GDPR coming into effect, businesses have had to sit up and take notice. Increased media attention of big data breaches and attacks has also played its part.

The survey shows:

  • More businesses (57% vs 51% in 2018) of businesses update their board members and senior management on what action has been taken regarding cybersecurity
  • 32% of businesses identified at least one breach or attack in the last 12 months
  • More businesses have introduced written cybersecurity policies from the previous year (33% vs 27% in 2018)
  • More large businesses have cyber insurance policies (35% vs 24% in 2018)

Organisations can also raise their basic defences by attaining Cyber Essentials certification. 

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