Businesses expect cyber threats to rise, but aren’t ready for them

UK businesses risk severe breaches

News By Christian Reilly published 28 October 2024

It’s no secret that cyber-attacks are becoming increasingly sophisticated, while simultaneously 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% of respondents reporting a rise in attempted breaches and 39.4% falling victim to a successful cyber-attack.

And this worrying trend is only expected to rise. In fact, our own research shows that a staggering 70% of UK business leaders expect their organizations to be hit by a cyberattack within 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 handle 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 find themselves in an increasingly delicate position when it comes to cybersecurity. The growing number of incidents facing modern companies is well documented in today’s headlines, leaving organizations in no doubt that this is a serious issue that every business should have near the top of their agendas.

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

Christian Reilly

CTO EMEA at connectivity cloud company, Cloudflare.

Rising cyber threats: a reality for UK businesses

The gap between the anticipated risks of cyberattacks and the preparedness of businesses to address them speaks volumes about the current state of cybersecurity in the UK.

This discrepancy isn’t a question of ignorance but of confidence – or the lack thereof. With almost half (48%) of UK organizations reporting a cybersecurity incident in the past year according to our data, 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 still, only one in three business leaders feel they have the necessary defenses in place. This points to a critical issue: while awareness is growing, true preparedness remains worryingly low.

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