Mills & Reeve Aims To Protect Businesses From Millions Lost In Cyber Attacks Yearly – Report

⅓ of UK businesses and ¼ UK charities have been revealed to have experienced a cyber attack in the last 12 months

Law firm Mills & Reeve and insurers Aon surveyed legal, risk, compliance and human resources teams in the public and private sectors across a wide range of industries to better understand how they prepare for and respond to cyber attacks.

The findings in the report have shown the size of that threat and the impact cyber-attacks can and continue to have. Providing a useful benchmark, the report aims for organisations to take stock of their own preparation and response practices and procedures.

Report research revealed that:

• 50% of organisations experienced a cyber attack in the past twelve months, with 32% experiencing multiple attacks
• 47% of organisations are not working collaboratively to protect against cyber attacks

95% of businesses spoken to in the report are concerned or very concerned by cyber and data security with 53% citing the ability to continue following a cyber attack as their main concern with a further 39% focussing on the reputational damage it would cause.

Jagvinder Singh-Kang, Head of Cyber Security at Mills & Reeve, said: “Our firm’s cyber report has provided a view of certain key legal, technical and organisational aspects businesses need to be considering. Clearly now is not the time for complacency, it’s time for heightened readiness and to review and strengthen your preventative measures.”

The report also revealed that only 71% of organisations provide the minimum data protection training required to be less susceptible to cyber attacks.

Jagvinder added: “A lack of internal organisation can cost businesses millions of pounds and we at Mills & Reeve are imploring people to see this as a serious issue and to take the appropriate steps to ensure a safer cyberspace for all as we move forwards in a more technologically advanced world.”

Read the report here.