In an era where digital threats are more common than ever, understanding the cyber security landscape is crucial for making sure your business, charity or school thrives.
The Annual Cyber Security Breaches Survey, aligned with the UK’s National Cyber Strategy Centre (NCSC), offers us some vital insights into how organisations are coping with these challenges.
We’ve put this blog post together to delve into the key findings from the latest survey, offering a clear picture of the current state of cyber resilience. You’ll learn the most important headlines and takeaways from the survey in a few minutes, rather than having to read the full report.
Introduction to the Survey
The Cyber Security Breaches Survey is a cornerstone resource that helps shape government policy on cyber security. It aims to make UK cyberspace a secure place to conduct business by collecting data on the cyber threats that businesses, charities, and educational institutions face.
This survey assesses what cyber security policies, processes, and responses UK organisations are implementing, and what impact cyber security had on them last year.
Key Takeaways from the 2023/24 Survey
1. Cyber threats remain widespread
The survey revealed that cyber security breaches remain a widespread concern, with 50% of businesses and 32% of charities experiencing some form of cyber attack or breach in the past year. Attacks are notably higher among medium to large organisations.
2. Phishing is still the biggest threat
Phishing attacks (an email-based cyber attack where the sender impersonates someone else) continue to be the most prevalent form of cyber threat, with 84% of affected businesses and 83% of affected charities reporting this type of activity. These also often serve as a gateway for more severe security breaches.
3. Cost of breach is up to 10K per business
On average, a single significant cyber breach cost businesses about £1,205, highlighting the economic impact alongside the disruption to work. For medium and large businesses, these costs were substantially higher, averaging around £10,830.
4. Cyber hygiene practices are improving
There is some good news. A majority of organisations have adopted cyber hygiene measures like malware protection, password policies, and network firewalls, which shows organisations are being more proactive in their cyber defence.
5. Less than half of UK businesses are insured against cyber attacks
Around 43% of businesses and 34% of charities are insured against cyber risks. This shows the growing need for financial protection against cyber incidents, whilst also highlighting over half are still uninsured.
Summary of current cyber security practices amongst UK organisations
The survey indicates that more and more organisations are adopting basic cyber security practices. However, there remains a significant gap in more advanced practices.
For example, only 22% of businesses and 19% of charities have a formal incident response plan, which explains the exact steps they will take in the event of an attack.
This highlights a crucial area of concern: organisations not only need to be ready for cyber attacks, but also have clear plans on how to respond when they occur. With 50% of businesses facing an attack last year, this is a very real threat.
Finally, as mentioned above, while cyber insurance uptake is growing, the majority of organisations are still uninsured against the potential financial losses from cyber incidents.
If you would like to read the full report, it’s available here: https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2024/cyber-security-breaches-survey-2024
Do you need any help?
Is your organisation fully prepared to handle the complexities of today’s cyber threats? From risk assessments to implementing comprehensive cyber security measures, our team is here to help you navigate the challenges of cyber security. Contact Coretek today to ensure you’re protected against the inevitable cyber threats of tomorrow.