A recent surge in cyber-attacks is merely the ‘tip of the iceberg’.
- Government data reveals that 50% of companies experienced cyber attacks last year.
- Roy Shelton, CEO of Connectus Group, warns of underreported incidents.
- Phishing remains the most common type of cyber breach among businesses and charities.
- Proactive measures are necessary to combat rising cyber threats.
A recent report highlights a significant increase in cyber-attacks, which a leading expert describes as just the ‘tip of the iceberg’. Roy Shelton, CEO of the Connectus Group, emphasises that many incidents go unreported, suggesting the actual scale is much larger than currently visible. The 2024 Cyber Security Breaches Survey indicates that a staggering 74% of large businesses and 70% of medium-sized ones have faced attacks, along with 66% of charities with substantial annual incomes.
The most prevalent form of these breaches continues to be phishing, affecting 84% of businesses and 83% of charities. Other significant threats include impersonation via emails or online, impacting over a third of these organisations, and malware, which affects fewer but still a notable portion. In the past year, UK businesses have been subjected to approximately 7.78 million cyber crimes, with a considerable number of these being non-phishing related, numbering around 116,000. Meanwhile, UK charities have faced roughly 924,000 cyber crimes.
The report highlights that many organisations are implementing various strategies to mitigate risks. Over half of the businesses have adopted multiple counter-measures. Security monitoring tools and risk assessments are in use by about a third of them. However, more advanced measures, such as mock phishing attack exercises and vulnerability audits, are less common, with less than one-fifth of businesses employing these strategies.
In response to the growing threat, Connectus Group has developed an advanced tool to enhance business protection. Their Managed Extended Detection and Response service, powered by Heimdal XDR Unified Security Platform, provides comprehensive 24/7 protection. Integration with a Security Operations Centre allows for real-time threat-hunting and response, a crucial step in defending against sophisticated cyber threats.
In particular, legal and property firms are at heightened risk due to potential financial data breaches, which could lead to further exploitation by cyber criminals. Mr Shelton advises organisations to seek holistic, managed services for effective detection and resolution of breaches, highlighting the necessity of partnerships with trusted security specialists.
The evidence underscores the critical need for businesses and charities to enhance their cyber security measures.
