The Cyber Security Breaches Survey is an annual study looking at the UK’s cyber security posture. Conducted in line with the National Cyber Strategy, the survey is compiled by the Government’s Department for Science, Innovation & Technology (DSIT).

Used to inform Government policy, the study encompasses the policy, processes, and approach to cyber resilience, for businesses, charities, and the education sector.

The Cyber Breaches Survey 2024, released today, highlights the ongoing threat of cyber-attacks, and the importance of robust cybersecurity measures for UK businesses and organizations.

Here are some key takeaways from this year’s survey:

Prevalence of Cyber Attacks

The survey found that half of businesses (50%) and around a third of charities (32%) experienced some form of cyber security breach or attack in the past year. This underscores the pervasive nature of cyber threats and the need for organizations of all sizes and sectors to prioritise cybersecurity.

Common Cyber Threats

Some of the most common cyber-attacks faced by organisations include phishing attempts, malware infections, and denial of service (DDOS) attacks. These threats can lead to data breaches, financial losses, and operational disruptions, making it crucial for organizations to have robust security measures in place.

The Importance of Cybersecurity Policies and Controls

The survey highlighted the importance of implementing cybersecurity policies and technical controls. Organisations with well-defined policies and controls, such as restricting admin rights, enforcing password policies, and implementing network firewalls, were better equipped to mitigate cyber risks.

Regular Security Updates and Reviews

Keeping software and systems up to date with the latest security patches and updates is crucial for maintaining a strong cybersecurity posture. The Cyber Breaches Survey 2024 found that organisations that regularly reviewed and updated their cybersecurity measures were better prepared to handle cyber threats.

The Cost of Breaches

The average cost to a UK business of a security breach is £1,206. For medium and large businesses, of the size that we support here at PurpleJelly IT, the cost of a breach is much higher. Medium and large firms could see the cost of a cyber security breach reach £10,830.

However, once there is data theft the cost of cybercrime accelerates; the smallest firms suffer a cost of £6,940 whilst medium and large companies can see a data breach cost them in excess of £40,000.

Firms Need to Be More Proactive

One of the biggest concerns to come out of the report has been the relative inaction of UK companies. A mere 22% of businesses have a solid incident response plan in place in the event of a cyber-attack.

Furthermore, 68% of UK organisations are also failing to report incidents of cybercrime. When they do, it’s usually to financial institutions such as banks, building societies, and credit card companies, with reports to the Information Commissioners Office (ICO), Police, and the National Cyber Security Centre (NCSC) almost an afterthought.

Outsourcing Cybersecurity to IT Support Providers

For many organisations, particularly small and medium-sized businesses, outsourcing cybersecurity to professional IT support providers is an effective strategy. IT support companies offer a range of services, including:

• Cybersecurity Assessments: Identifying vulnerabilities and providing recommendations for improving security posture.
• Security Monitoring and Incident Response: Continuous monitoring for threats and rapid response to security incidents.
• Security Awareness Training: Educating employees on cybersecurity best practices and identifying potential threats.
• Managed Security Services: Comprehensive security solutions, including firewalls, antivirus, and patch management.
• Compliance Support: Ensuring adherence to industry-specific regulations and standards, such as GDPR and PCI DSS.

By partnering with experienced IT support providers, like PurpleJelly IT in Surrey, organisations can access specialised expertise, advanced security tools, and around-the-clock monitoring and support, enabling them to stay ahead of evolving cyber threats effectively.

In conclusion, the Cyber Security Breaches Survey 2024 serves as a reminder that cyber threats are a persistent and growing concern for UK organisations. Implementing robust cybersecurity measures, regularly updating security controls, and considering outsourcing cybersecurity to IT support providers can help organizations enhance their cyber resilience and protect their valuable data and systems.

If your company is concerned about persistent cyber threats, we are available to provide everything from Pen Testing to IT Infrastructure audits, Cyber Essentials certification and secure email protection. Call our IT Support team on 01252 856 230 or complete the contact form.