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Businesses expect cyber threats to increase, but are not prepared for them

Online Niel October 28, 2024

It’s no secret that cyber-attacks are becoming increasingly sophisticated, while also growing in number and volume. Research from the Business Continuity Institute reports that cyber threats have increased in severity over the past year, with 75 percent of respondents reporting an increase in breach attempts and 39.4 percent being victims of a successful cyber attack.

And this worrying trend is only expected to increase. In fact, our own research shows that 70% of UK business leaders expect their organizations to be hit by a cyber attack in the next year.

But despite these concerns for the near future, the same study shows that only 35% of those leaders believe they are adequately prepared to deal with such an incident. Clearly, there is a significant disconnect between the perceived risk of cyber threats and the level of preparedness among the nation’s businesses.

So, as the digital threat landscape continues to evolve, UK businesses are in an increasingly delicate position when it comes to cyber security. The increasing number of incidents facing modern businesses is well documented in today’s headlines, leaving organizations in no doubt that this is a serious issue that every business should be near the top of their agendas.

In this landscape, how can companies become more confident in their ability to defend against modern cyber threats?

Christian Reilly

CTO EMEA at cloud connectivity company Cloudflare.

The rise of cyber threats: a reality for UK businesses

The gap between the anticipated risks of cyber attacks and the preparedness of businesses to address them says a lot about the current state of cyber security in the UK.

This discrepancy is not a matter of ignorance, but of trust – or the lack of it. According to our data, with almost half (48%) of UK organizations reporting a cyber security incident in the past year, the threat is very real and the same research reveals that the UK now holds the unfortunate title of being the most targeted country in Europe . . And yet, only one in three business leaders believe they have the necessary defenses in place. This points to a critical problem: while awareness is rising, true preparedness remains worryingly low.

That’s despite the real-life ramifications that can be expected when a business suffers a breach.

Not only could an incident have serious consequences for the business itself, but it could also have a negative impact on you employee and customers. Whether it’s financial loss, regulatory penalties or reputational damage, the stakes are high when it comes to the lack of robust defense mechanisms. For example, in September 2023, MGM Resorts International suffered a devastating situation ransomware attack that cost the company around $100 million – the equivalent of around £76 million. A cyber attack is a devastating blow to any business – but there are lessons to be learned when an incident like this makes headlines.

Learning from experience

What stands out from Cloudflare’s data is that sectors with higher attack frequencies, such as IT and technology, report feeling more prepared for future incidents. This makes sense – experience breeds resistance. This confidence also likely stems from sectors’ early adoption of advanced cybersecurity tools and practices, equipping them to deal with the evolving threat landscape.

SolarWinds is a great example of a business that took significant steps to review its security practices after a breach—and came out stronger. The company has improved its software development process with the principle of Secure by Design, adopted a Zero trust architecture and increased transparency through open communication with customers and regulators. SolarWinds has also partnered with cybersecurity experts to continually improve its defenses while contributing to industry-wide efforts to strengthen software supply chain security. These actions have helped the company recover, educate the wider sector and become more resilient to future cyber threats.

But while the IT and technology sectors are more prepared for such an incident, others are lagging behind. Industries like education and healthcare, which have seen fewer attacks over the past 12 months, show a shocking level of complacency. Our data shows that only 19% and 18% of these sectors feel prepared for an attack, we have to ask: are they playing a dangerous waiting game?

Just because businesses have been lucky enough to avoid an attack so far doesn’t make them immune in the future. And industries that haven’t yet faced a cyber attack are worryingly unprepared. A report from Microsoft and Goldsmiths, University of London found that only 13% of UK businesses are resilient to cyber attacks, with 48% considered vulnerable and the remaining 39% facing high risk. Given the sensitive nature of data handled in industries such as healthcare, a significant cyber attack could have devastating consequences. And as cyber threats become more sophisticated and frequent, hope is not a strategy.

Cybersecurity as a catalyst for business modernization

Despite the challenges posed by the growing threat of cyber attacks, there is a positive shift in the way business leaders approach cybersecurity. Our research shows that over two-fifths (44%) see it as a driver for modernization and the same number see it as a key for councils to invest in essential projects.

Attitudes towards cyber security are changing, with more companies recognizing the importance of robust defenses against potential threats, according to a report by Aviva. The company’s data shows that concerns about cyber attacks have increased from 40% to 57% since 2020.

This evolving perspective is encouraging because it suggests that organizations recognize the strategic value of strong cybersecurity measures. It highlights the recognition that robust defense can provide more than just protection – driving innovation, streamlining operations and improving overall efficiency, as well as providing opportunities for operational and data protection improvements. This advanced approach transforms cyber security from a defensive necessity into a strategic advantage.

By integrating cybersecurity into senior decision-making, rather than treating it as an afterthought, companies are positioning themselves to thrive in an increasingly digital world.

The need for proactive cyber security measures

In an era where digital risks are rapidly evolving, businesses need to invest not only in advanced technologies, but also in fostering a culture where cybersecurity is treated as a strategic priority. Streamlined and consolidated solutions are essential, but without the right mindset and commitment to continuous improvement across the organization, they will fall short.

Every company, regardless of their industry, must recognize the evolving threat landscape and take proactive steps to mitigate risks. It’s time for every business to recognize that preparation is more than a checklist; it is a mission-critical element of modern business strategy. Rather than being a reactive measure removed after a breach occurs, cybersecurity should be considered a proactive, central part of every organization’s future plan. UK businesses are waking up to the reality of cyber threats – now they need to ensure they are prepared to deal with them head on.

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