UK businesses have lost around £44 billion in the past five years in revenue due to cyber-attacks, new research from Howden shows.

Over half (52%) of private sector firms reported at least one cyber-attack in the past five years as well, the research revealed.

On average, cyber-attacks are costing UK businesses 1.9% of their revenue, with larger companies racking up over £100 million more likely to face a cyber-attack.

A fifth of all cyber-attacks were due to email compromise, the most common cause, followed by data theft, which made up 18% of all cases.

Despite these common causes, less than two-thirds (61%) of businesses use anti-virus software, with even less (55%) using network firewalls.

Howden also found that the surge in ransomware attacks are becoming more disastrous as they often involve the extortion of sensitive personal information or commercial data, which only increases the complexity of the incidents. 2023 saw an 85% increase in global ransomware attacks, with ransomware revenue exceeding $1bn for the first time that year.

However, there was a 17 point decrease in the percent of victims paying a ransom in 2024 versus 2023.

Analysis from the firm also found that 90% of attacks recorded by CSIS between April 2023 and March 2024 were politically motivated, exemplifying how geopolitics continues to shape cyber trends, and how the cyber landscape has become the new frontier for influence and espionage.

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“Hostile governments continue to shield criminal actors in their respective countries, allowing them to operate with near impunity when attacking Western companies and critical infrastructure,” the report said.

The firm also noted how cyber-crime and espionage as a service has been “one of the most market and important trends in recent years,” for the cyber landscape as a whole but also in terms of rising geopolitical tensions.

Further, the firm described the advent of GenAI as “a double-edged sword” as more companies adopt the technology for defence at a pace that still trails behind the rapid adoption of the technology by threat actors.