FOR IMMEDIATE RELEASE
YouGov survey commissioned by SJL Insurance Services shows more than one in five of British businesses have had a cyber-crime attack that cost them financially, with over half of these businesses being a victim of cyber-crime more than once
YouGov Cyber survey commissioned by SJL Insurance Services shows the threat to UK businesses with 59% of those who knew how much the business had suffered financially as a result of their most recent cyber-crime attack had between £1,000 and £250,000,000 worth of damage done.
TUESDAY 2 JULY 2019, LONDON, UK: British businesses are experiencing a continuous emerging risk to their companies. A YouGov survey commissioned by SJL Insurance Services, has shown more than one in five (22%) of UK businesses have had a cyber-attack that has cost their business financially. 1051 senior decision makers from businesses in Britain, ranging from sole traders to large corporations participated in the survey between 3rd – 11th June 2019. 39%of businesses who were victims of cyber-crime had cyber insurance at the time of the most recent attack, with 53% not having it at the time, and 8% of respondents didn’t know or couldn’t remember. 67% of senior decision makers who knew their businesses history of cyber insurance, said their business have never had cyber insurance which is putting companies based in Britain at a higher level of unnecessary risk.
The findings continue to be shocking with 3% of senior decision makers saying their business has experienced an attack more than 10 times. Up to 87% of businesses who knew how much the attack cost the firm in financial losses, suffered up to £99,999 worth of damage. The costs arise from the attack itself, the remediation and repairing, time taken to deal with it and reputational damage by regaining public trust. 2% of senior decision makers who knew the sum lost that it cost the business suffered £250,000,000 worth of damage and 9% of those who knew experienced between £100,000 – £499,999 worth of damage. 59% of those who knew how much the business had suffered financially as a result of the cyber-crime attack had between £1,000 and £250,000,000 worth of damage done. 65% of businesses experienced between £100 – £99,999 worth of damage.
Those type of figures above can send many firms out of business which is why there is an ever increasing need to take out cyber insurance with a broker who can go through a company’s individual needs to help ensure their claim is more likely to be accepted, as opposed to just clicking an Add On policy as no Add On fits all companies.
Key findings of YouGov cyber survey commissioned by SJL Insurance Services: –
- Q1 (non-rebased): Over a fifth (22%) of senior decision makers said their business had experienced at least one cyber-attack that cost their business financially.
- Q3: 59% of those who knew how much the business had suffered financially as a result of the most recent cyber-crime attack had between £1,000 and £250,000,000 worth of damage done
- Q3: Up to 78% of businesses who knew how much the attack cost the business in financial losses, suffered up to £99,000 worth of damage.
- Q1 (rebased): Of the senior decision makers who knew how many cyber-attacks their business has had that cost it financially, over a quarter (27%) said their business had experienced at least one.
- Q1 (rebased): Almost half (48%) senior decision makers from large businesses who knew how many times their business had experienced a cyber-attack that cost them financially, said their business had experienced at least one cyber-attack that cost them financially.
- Q2 (non-rebased): Senior decision makers who mainly work in London were the most likely to say their business currently has cyber insurance (32%), closely followed by those who mainly work in the East of England (30%).
- Q2 (non-rebased): 93% of sole traders said their business has never had cyber insurance.
- Q2 (rebased): 2/3rds (67%) of senior decision makers who knew their businesses history of cyber insurance, said their business has never had cyber insurance.
- 39% of senior decision makers in businesses who were victims of cyber-crime had cyber insurance at the time of the most recent attack with 53% not having it and 8% of respondents didn’t know or couldn’t remember.
- At least 46% of senior decision makers said their business has never had cyber insurance which is putting British businesses at a higher level of unnecessary risk, with a further 31% not knowing so that number could possibly be up to 77%.
- 65%of senior decision makers in businesses that have experienced a cyber-attack that cost them financially and who knew the cost, said their business experienced between £100 – £99,999 worth of damage in the most recent cyber-attack it had.
- 3% of senior decision makers said their business has experienced an attack more than 10 times.
- 9% of senior decision makers in businesses that have experienced a cyber-attack that cost them financially and who knew the cost, said their business experienced between £100,000 – £499,999 worth of damage in its most recent cyber attack
- 59% of those who knew how much the business had suffered financially as a result of the most recent cyber-crime attack it had experienced had between £1,000 and £250,000,000 worth of damage done.
Simon Lancaster, CEO of SJL Insurance Services said: ‘’The YouGov survey commissioned by SJL Insurance Services found some really alarming trends, both in terms of how many businesses suffered a cyber loss and also how many have inadequate insurance protection against cyber losses. We are keen to educate companies about how they can protect themselves against this emerging threat, in the same way as they do against traditional loses such as fire and theft. I am on a mission as an Insurance expert to help the British public and British businesses have a better chance of getting a successful insurance claim of up to 100% and advising them how to protect themselves and what to do, to increase their chances of a more successful claim.”
Simon continued: “By people that have called our offices, we have discovered that many companies take out cyber insurance as an Add on policy on the back of their Professional Indemnity insurance, but these usually do not cover the company robustly. Commercial insurance brokers can carry out a risk analysis of businesses to source the correct cyber policy that in addition to third party liability, covers them for action taken against them rising out of a cyber event – It crucially also includes the following:
- Business interruption cover. Meaning that their business receives loss of income payments for a period after the cyber event.
- Third party suppliers. Meaning that their business is protected when the Cyber event is caused by a third-party supplier.
- Accidental cover. Meaning that in addition to when they are a victim of crime, they are also covered in the event of a Cyber accident by them or one of their staff (such as leaving a laptop on a train).’’
Rob Shapland, ethical hacker, Falanx Cyber said: “The findings of the survey reinforce the risk that businesses of all sizes are facing from cyber-crime, and the financial implications of not being prepared. Relatively small investments in cyber defence, such as awareness training for staff, regular penetration testing and Managed Detection and Response (MDR), can ensure not only is the business protected, but also has the ability to respond appropriately should an attack occur.”
Notes to Editors
All figures, unless otherwise stated, are from YouGov Plc – the correct way to title the survey in articles and on air is ‘YouGov cyber survey commissioned by SJL Insurance Services’. Total sample size was 1051 adults. Fieldwork was undertaken between 3rd – 11th June 2019. The survey was carried out online. The figures have been weighted and are representative of British business size.
The accompanying spreadsheet contains survey data collected and analysed by YouGov plc. No information contained within this spreadsheet may be published without the consent of YouGov Plc and the client named on the front cover.
Methodology: This survey has been conducted using an online interview administered to members of the YouGov Plc UK panel of 800,000+ individuals who have agreed to take part in surveys. Emails are sent to panellists selected at random from the base sample. The e-mail invites them to take part in a survey and provides a generic survey link. Once a panel member clicks on the link they are sent to the survey that they are most required for, according to the sample definition and quotas. (The sample definition could be “GB adult population” or a subset such as “GB adult females”). Invitations to surveys don’t expire and respondents can be sent to any available survey. The responding sample is weighted to the profile of the sample definition to provide a representative reporting sample. The profile is normally derived from census data or, if not available from the census, from industry accepted data.
YouGov plc make every effort to provide representative information. All results are based on a sample and are therefore subject to statistical errors normally associated with sample-based information.
For press interviews with Simon Lancaster and Rob Shapland please contact:
Kerry Hopkins, PR Director, Broadcast Ready kerry at broadcastready.co.uk or call +44 (0) 7900 981 751 https://broadcastready.co.uk/
For further information about the results in this spreadsheet, please contact YouGov Plc (+44) (0) 207 012 6231 or email [email protected] quoting the survey details.
About SJL Insurance Services
SJL Insurance Services was established in 2001. It is a global commercial and business insurance broker, with some personal insurance clients. SJL Insurance Services’s headquarters are in Worcester, and it also has offices in the City of London and Bristol. The Company is an official Lloyd’s of London broker, with clients across the UK and outside of the UK.
About Rob Shapland
Rob Shapland is an ethical hacker with 10 years’ experience conducting penetration tests for hundreds of organisations, from small businesses to major international organisations. He specialises in simulating advanced cyber attacks against corporate networks, combining technical attacks with his other hobby of dressing up and tricking his way into company headquarters using social engineering techniques. Rob has appeared on both the BBC and ITV as a cyber security adviser.
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