Ransomware attacks are on the rise globally, and the UK is no exception, according to new data from Avast. Infosecurity Magazine reports that the security vendor surveyed 1000 IT departments of small and medium-sized businesses (SMBs) in October 2022, aiming to determine the cybersecurity risks they faced over the previous 12 months.
The survey found that 26% of UK SMBs have been targeted by ransomware, with 46% of companies targeted paying the ransom demanded by extortionists. Furthermore, 46% of targeted companies also lost data in the process, while 34% lost access to digital devices. This is significant, considering that SMBs make up 99% of the private business sector in the UK.
These numbers are unsurprising, considering the fact that SMBs tend to be particularly vulnerable to cyber-attacks in comparison to larger companies. Vice President of strategy at Avast Business, Lindsey Pyle, agrees, saying:
“They often have very limited budget and resources, and many don’t have somebody on staff managing security holistically. As a result, not only are they lacking in their defense, but they’re also slower to react to incidents.”
The war in Ukraine has also been a factor fuelling cyber security concerns for many businesses. 68% of respondents agreed they are more worried about being attacked since the start of the war, with 50% investing in cyber insurance because of it.
Many respondents also pointed to the threat of cyber-attacks as the biggest risk to their business currently, with 48% agreeing. This was higher than the 35% who believe physical security and 33% who think supply chain disruption are their most significant risks.
SMBs are right to be cautious. A previous report from NordLocker published in September 2022 found that UK businesses experience the third highest rate of ransomware attacks globally, just behind the US and Canada. The report also found that small businesses are most at risk of ransomware no matter where they’re located, making up 62% of all attacks.
Considering this heightened risk, UK businesses are understandably frustrated at the lack of help from the government. The Avast survey found that 81% of respondents believed the government should be supporting them more. 60% believe the government should help more with incident response, while 58% think it should provide clearer information about cybercrime risks.
Fortunately, more government cybercrime assistance has just become available. The UK government has just launched the Funded Cyber Essentials Programme, which offers free assistance to small businesses in high-risk sectors.
Cora is a digital copywriter for SSLs.com. Having eight years of experience in online content creation, she is a versatile writer with an interest in a wide variety of topics, ranging from technology to marketing.