A recent report by cybersecurity firm ESET reveals that UK businesses collectively lose £64 billion annually due to cyber attacks, including ransom payments and operational disruptions. Notably, 53% of businesses suffered at least one attack last year, with phishing being the most common. The costs comprise £37.3 billion in direct expenses and £26.7 billion in indirect costs. Companies increasingly perceive cybersecurity budgets as crucial, with many reporting long-term impacts on growth due to security breaches. The findings highlight the urgent need for enhanced cybersecurity measures to protect business integrity and client trust.
Cyber attacks are costing UK businesses £64 billion a year in ransom payments, overtime, lost business, and other associated costs.
The rising costs of cyber attacks - both direct and indirect - prove that no business can afford to overlook cybersecurity.
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