Cyberattacks have inflicted a staggering loss of approximately £44 billion ($55.08 billion) on British businesses over the past five years, according to a report released on Monday by insurance

broker Howden. The study reveals that 52% of private sector companies experienced at least one cyberattack during this period.

On average, cyberattacks eroded 1.9% of a company's revenue, with larger businesses—those generating annual revenues exceeding £100 million—being the most frequent targets.

Howden identified compromised emails as the leading cause of cyberattacks, accounting for 20% of incidents, followed by data theft at 18%.

Despite the growing threat, many businesses remain ill-prepared. Only 61% of companies surveyed reported using anti-virus software, and just 55% utilized network firewalls. Barriers to stronger cybersecurity included high costs and a lack of in-house IT expertise.

"Cybercrime is escalating as malicious actors exploit vulnerabilities, particularly as businesses become increasingly dependent on technology for their operations," said Sarah Neild, head of UK cyber retail at Howden.

The findings are based on a survey conducted by YouGov in September, involving 905 IT decision-makers from the UK private sector. Photo by B_A, Wikimedia commons.