UK ORGANISATIONS ON AVERAGE PAID OUT ALMOST £1M IN RANSOMWARE ATTACKS THIS YEAR

  • £940,000 – THE AVERAGE AMOUNT PAID TO CYBER CRIMINALS BY UK ORGANISATIONS 
  • 64% OF UK ORGANISATIONS BELIEVE STATE-SPONSORED CYBERATTACKS ARE THE BIGGEST THREAT TO THEIR INDUSTRY IN 2021

A new report has highlighted the full extent of ransomware attacks on UK organisations.

A new global cybersecurity survey from CrowdStrike found that UK organisations are one of the most profitable areas for hackers to target. UK businesses that paid, shelled out on average £940,000 each in 2020 compared to £850,000 across the world and that is despite only 13% of those attacked paying the demands, fewer than any other country and approximately half as many as the global average (27%).

With 39% of businesses in the UK suffering an attack in the last 12 months compared to the 57% global average, it is clear, that despite standing firm, when UK organisations do pay, they hand over a considerable amount of money.

COVID-19 has given hackers the perfect opportunity to target businesses already on their knees with cybersecurity experts (62%) concerned ransomware attacks will increase further as the COVID-19 pandemic continues to cripple organisations across the world. High on their list of worries are phishing (66%), ransomware (62%) and general malware (59%).

UK organisations have already spent £764,000 adapting to the challenges posed by coronavirus and over the last three years £4.43m has been invested on digital improvements. However, cybersecurity spend is still below the global average with only £458,000 being spent on average in the UK, compared with £469,000 globally.

Looking ahead to 2021, 89% of IT security professionals believe nation-state sponsored cyberattacks are far more common than most people think with 64% stating this will pose the single biggest threat to organisations next year.

In fact, three quarters (76%) believe their industry is at heightened risk during the pandemic with 92% agreeing growing international tensions will see an increase to cyber threats with nation-states more motivated to pursue cyberattacks than ever before (84%).

The UK is the only country where IT security professionals worry more about Russia than China (35% Russia vs 34% China), compared to the global trend (35% China 22% Russia).