Cyber incidents – e.g. cyber crime, IT network and service disruptions, malware/ransomware, data breaches, fines, and penalties.
Cyber incidents, including ransomware attacks, data breaches, and IT outages, remain the top risk for businesses globally, and the UK is no exception. With its digital economy contributing over £150 billion annually, the UK is particularly vulnerable to these threats. 1
The 2024 Cyber Security Breaches Survey, conducted by the Department for Science, Innovation & Technology, reveals that 50% of UK businesses have faced some type of cyber security breach or attack. The incidence is notably higher among medium-sized and large businesses.
Phishing is the most prevalent type of breach, affecting 84% of businesses. Other common issues include impersonation in emails or online (35%), followed by viruses or other malware (17%).
Cyber incidents will remain a top risk for all organisations going forward, due to the increasing dependence on technology, and integration of AI into a wider range of products and services.
Introduced to Parliament in 2025, the Cyber Security and Resilience Bill seeks to enhance UK cyber defences. While the Bill’s details are pending, the UK Government indicates it will broaden the existing regulatory framework to safeguard supply chains amid increasing large-scale incidents.
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