London, November 25 2024 – A new report by cybersecurity firm Horizon3.ai has revealed alarming findings about the state of cyber security in UK organisations.
The “Cyber Security Report UK 2024/25” surveyed 100 UK-based companies and found that 70 percent of them had fallen victim to a cyberattack at least once in the past two years. This is a significant increase from previous years and highlights the growing threat of cybercrime.
According to the report, 53 percent of companies reported a specific incident of damage, while 16 percent detected a hacker attack and successfully defended against it. Shockingly, 23 percent of the companies surveyed were unsure if they had been the victim of a cyberattack, and only 8 percent were certain they had not been attacked.
The report also revealed that nearly half of the companies (44 percent) were targeted by two or more cyberattacks during the two-year period examined. This is a concerning statistic and highlights the increasing frequency and sophistication of cyberattacks.
Keith Poyser, Vice President for EMEA at Horizon3.ai, who conducted the study, expressed his concern about the findings. “The true extent of the issue is likely far greater,” he said. “With almost 20,000 new vulnerabilities in software identified by the European Union Agency for Cybersecurity (ENISA) in just one year, alongside the increasing complexity of IT and network environments, many organisations have lost sight of how vulnerable they truly are and how frequently they are targeted.”
The consequences of a cyberattack can be devastating for organisations. The report found that 62 percent of the companies experienced downtime, while 42 percent suffered financial losses and 15 percent faced legal consequences. In 35 percent of cases, data theft occurred, and 54 percent of companies received a ransom demand to recover encrypted data.
Poyser highlighted the lack of understanding among key executives about the risks and their potential impact. “Many executives, CEOs, and IT leaders seem unaware of the potential damage that cyberattacks can cause to their organisations,” he said. “The consequences can escalate exponentially, negatively impacting every part of the organisation.”
He also warned that UK companies working with EU partners must be aware that they are subject to European regulations like NIS2 and risk operational disruptions if they fail to meet cybersecurity compliance standards.
To address these issues, Poyser recommends that organisations conduct regular penetration tests to assess their cyber resilience. A penetration test involves a simulated attack to identify security vulnerabilities. Horizon3.ai offers a cloud-based platform, NodeZero, that makes these tests accessible and affordable for mid-sized organisations.
“Through this platform, Horizon3.ai helps organisations meet rising regulatory demands for cyber resilience in Governance, Risk & Compliance (GRC), with guidelines recommending an internal self-assessment at least once a week,” Poyser said.
The report also highlighted the need for organisations to step up their efforts on cybersecurity, as the gap between the growing threats and the level of protection in place is widening at an alarming rate.
For more information about Horizon3.ai and NodeZero, please visit their website at www.horizon3.ai.
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Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.