Commercial Insurance Profile – June 2022

Key Figures From the 2022 Cyber Security Breaches Survey

Every year, the Department for Digital, Culture, Media & Sport commissions a nationwide survey as part of the National Cyber Security Programme. This Cyber Security Breaches Survey provides valuable insight into the cyber-security and data breach patterns of UK employers. As remote work remains prevalent and technology becomes increasingly integrated into everyday operations, it’s imperative for organisations to remain apprised of cyber-security trends and topics.

Consider the following key findings from this year’s study:

Approximately 39% of businesses and 30% of charities experienced a cyber-attack or cyber-security breach in the previous 12 months.
Eighty-three percent of businesses and 87% of charities that experienced a cyber-attack within the past 12 months were targeted by phishing attacks.
Eighty-two percent of businesses and 72% of charities listed cyber-security as a high priority within the previous 12 months.
Approximately 93% of businesses and 89% of charities now report having at least some degree of cyber-incident response procedures in place.
Only 4% of both businesses and charities have implemented all of the National Cyber Security Centre’s “10 Steps to Cyber-security,” although 49% and 40%, respectively, utilise at least five.
Nearly one-quarter (22%) of businesses and one-fifth (17%) of charities have not reviewed their cyber-security policies in over a year.

Cyber-incidents can have devastasting ramifications, including lost or stolen data, business interruption, reputational damage and costly non-compliance fines under the General Data Protection Regulation. These potential consequences, combined with the rising dependence on technological solutions in the workplace, make it clear to organisations of all types and sizes that cyber-security should be a top priority.