Companies expect growing cyber threats, but are not prepared for them

It’s no secret that cyber attacks are becoming more sophisticated, while simultaneously increasing in number and scope. Research from the Business Continuity Institute reports that the severity of cyber threats has increased over the past year, with 75% of respondents reporting an increase in hacking attempts and 39.4% having been victims of successful cyberattacks.

And this alarming trend is only expected to intensify. In fact, our own research shows that a staggering 70% of UK business leaders expect their organizations to suffer a cyber attack within the next year.

But despite these concerns about the near future, the same study shows that only 35% of these leaders believe they are adequately prepared for such an incident. It is clear that there is a significant difference between the perceived risk of cyber threats and the level of preparedness of national businesses.

So, as the digital threat landscape continues to evolve, UK businesses find themselves in an increasingly delicate position when it comes to threats. 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 problem that anyone can solve. business should be high on your agenda.

In this situation, how can companies become more confident in their ability to protect themselves from modern cyber threats?

Christian Reilly

CTO in the EMEA region of the cloud company Cloudflare.

Rising cyber threats: a reality for UK businesses

The gap between the expected risks of cyber attacks and business preparedness to address them speaks volumes about the current state of cybersecurity in the UK.

This discrepancy is not a matter of ignorance, but of confidence—or lack thereof. According to our data, almost half (48%) of UK organizations reported a cybersecurity incident in the past year, and the threat is very real, and the same research shows that the UK currently holds the unfortunate title of the most attacked country in Europe . . And yet, only one in three business leaders believe they have the protection they need. This points to a critical problem: while awareness is growing, true readiness remains alarmingly low.

This is despite the real consequences that can be expected if a business is hacked.

An incident can not only have serious consequences for the business itself, but also have a negative impact on your employees and clients. Whether it’s financial loss, regulatory fines or reputational damage, the stakes are high when it comes to not having strong safeguards in place. For example, in September 2023, MGM Resorts International experienced a devastating disaster. ransomware an attack that cost the company approximately $100 million, equivalent to approximately £76 million. A cyberattack is devastating for any company, but when an incident like this makes headlines, there are lessons to be learned.

Learning from experience

What stands out from Cloudflare’s data is that sectors with a higher frequency of attacks, such as IT and technology, report feeling more prepared for future incidents. It makes sense: experience breeds resilience. This confidence is also likely due to the sectors’ early adoption of advanced cybersecurity tools and techniques that enable them to cope with the changing threat landscape.

SolarWinds is a great example of a company that took significant steps to overhaul its security practices after the breach and emerged stronger. The company has improved its software development process using the Secure by Design principle, adopted Zero trust architecture and increased transparency through open communication with customers and regulators. SolarWinds has also collaborated with cybersecurity experts to continually improve its defenses while contributing to industry-wide efforts to strengthen software supply chain security. These actions have helped the company recover, educate the broader sector, and become more resilient to future cyber threats.

But while the IT and technology sectors are more prepared for such an incident, others are lagging behind. Industries such as education and healthcare, which have seen fewer attacks over the past 12 months, are showing a shocking level of complacency. Given our data showing that only 19% and 18% of these sectors feel ready to attack, one has to wonder: are they playing a dangerous waiting game?

Just because businesses have managed to avoid attacks so far does not make them immune to future attacks. And the worrying thing for industries that have yet to face a cyber attack is that they are underprepared. Report from Microsoft and Goldsmiths from the University of London found that only 13% of UK businesses are resilient to cyber attacks, with 48% considered vulnerable and the remaining 39% facing high risk. Given the sensitive nature of data processed in industries such as healthcare, a serious cyberattack could have devastating consequences. And as cyber threats become more sophisticated and frequent, hope is not a strategy.

Cybersecurity as a catalyst for business modernization

Despite the challenges posed by the growing threat of cyber attacks, there is a positive shift in the way business leaders approach cybersecurity. Our research shows that more than two-fifths (44%) see this as a driver of modernization, and a similar proportion believe it is key to getting boards to invest in important projects.

According to an Aviva report, attitudes towards cybersecurity are changing, with more businesses recognizing the importance of strong protection against potential threats. Company data shows that concerns about cyberattacks have increased from 40% to 57% since 2020.

This evolving outlook is encouraging because it suggests that organizations recognize the strategic value of strong cybersecurity measures. This underscores the recognition that strong security can offer more than just protection: drive innovation, streamline operations and improve overall efficiency, as well as offer opportunities for operational improvements and data protection. This forward-thinking approach transforms cybersecurity from a defensive necessity into a strategic advantage.

By embedding cybersecurity into senior-level decision-making rather than treating it as an afterthought, companies are preparing to thrive in an increasingly digital world.

The need for preventative cybersecurity measures

In an era where digital risks are rapidly evolving, businesses must invest not only in cutting-edge technology, but also in developing a culture that views cybersecurity as a strategic priority. Simplified, consolidated solutions are key, but without the right mindset and commitment to continuous improvement throughout the organization, they will fail.

Every company, regardless of its industry, must recognize the changing threat landscape and take proactive steps to mitigate risks. It’s time for every business to recognize that preparedness is more than just a checklist; it is a critical element of modern business strategy. Cybersecurity should not be seen as a reactive measure dusted off after a breach has occurred, but as a proactive and central part of every organization’s security plan for the future. UK businesses are waking up to the reality of cyber threats – they must now be prepared to confront them head on.

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