UK Small Firms Face Rising Cyber Attack Rates, Hiscox Report Reveals

• •38% of small UK firms reported successful cyber attacks in the past year.
• •The average cost per cyber attack for UK firms is £26,650 ($35,908).
• •32% of affected firms experienced delays in growth and expansion due to cyber incidents.

According to the Hiscox Cyber Readiness Report, 38% of small UK businesses experienced successful cyber attacks in the past year, making them the most vulnerable globally. The report surveyed nearly 7,000 cybersecurity decision-makers, revealing that the average cost per attack for UK firms is approximately £26,650 ($35,908). Globally, the average cost of cyber incidents is $52,000, with UK firms spending significantly more on cyber resilience measures, averaging £44,294 ($59,700). The report highlights that cyber incidents have delayed growth for 32% of affected firms and increased staffing costs for 31%. Additionally, 28% of impacted firms faced financial penalties, while 26% dealt with damaging publicity. The findings indicate a growing trend of linking executive pay to cybersecurity performance, with 25% of UK small firms adopting this practice. Overall, the report suggests that cyber risk is now a recurring cost for businesses.