Cyber-Attacks Surge in UK and Ireland
Hiscox study reveals an alarming rise in cyberattacks on UK and Irish businesses, worsened by remote work vulnerabilities. The report indicates that firms in Ireland have been particularly hard hit, experiencing the highest rate of ransomware attacks in Europe.
According to the study, cyberattacks on organizations have risen for the third consecutive year, with 53% of businesses falling victim in the past 12 months, up from 48% in 2022. Notably, the cost of these attacks has soared, with 12% of victims facing losses of up to $250,000. Despite a significant increase in median cyber-security spending, which has jumped by 39% over three years to $155,000, criminals are exploiting vulnerabilities and targeting businesses, often resorting to re-blackmailing previously targeted firms.
The report highlights Ireland as the worst-hit nation, with a staggering 73% of businesses experiencing cyber-attacks in 2023, marking a significant increase from 39% in 2021. Similarly, the United Kingdom has witnessed a troubling rise, with cyber-attacks on businesses climbing from 36% in 2021 to 48% in the past year. Remote work arrangements have been identified as a key factor in increasing vulnerability, with 59% of UK businesses attributing their heightened risk to employees working remotely.
One of the most alarming trends revealed in the study is the escalation of repeat ransom demands. Despite many businesses complying with initial demands to protect customer data and operational functionality, 22% of those who paid ransoms in 2023 found themselves facing additional demands—a significant increase from 19% in 2022. Irish businesses, in particular, experienced a 50% surge in repeat ransom demands over the past year.
Commenting on the findings, a spokesperson from Hiscox emphasized the need for continuous vigilance in cyber-security efforts. They emphasized regular cyber-security reviews and implementing necessary protections across industries to mitigate cyber-attack damage.
The rise in cyberattacks underscores the evolving tactics of cybercriminals and the imperative for businesses to remain proactive in safeguarding their systems and data. As remote work continues to be prevalent, organizations must prioritize cyber security to safeguard against the escalating threat landscape and protect their operations and reputation.
