Nearly 40 percent of small businesses in the United Kingdom experienced a successful cyberattack in the past year, incurring an average cost of nearly £27,000 per incident, according to recent research. The findings come from Hiscox’s annual cyber-readiness report, which highlights the increasing frequency and financial impact of cyber threats on smaller enterprises.

The report reveals that 38 percent of small UK firms were targeted and breached by cybercriminals over the previous 12 months. This rate significantly exceeds the global average, where 29 percent of small businesses experienced similar successful attacks during the same period. The data underscores the heightened vulnerability of British businesses relative to their international counterparts.

Eddie Lamb, global head of cyber at Hiscox, emphasized the evolving nature of cyber risk. He described cyber incidents as becoming a "recurring cost" rather than isolated or rare events. Lamb noted that the growing emphasis on investing in cyber resilience among companies is a positive development in addressing these persistent threats.

The report did not detail the specific types of attacks or the sectors most affected, but the financial toll signals the critical need for enhanced security measures. Many small firms, often lacking the extensive resources of larger organizations, face significant challenges in defending themselves against increasingly sophisticated cyberattacks.

As cyber threats continue to escalate worldwide, the Hiscox findings point to the urgent imperative for small businesses to bolster their defenses and implement comprehensive cybersecurity strategies to mitigate potential damages.