Businesses in UK and Ireland exposed to cyber-attacks by remote work

Firms from the UK and Ireland are enduring a steep increase in ransomware attacks – with Ireland worst hit of any country in Europe according to a new study. Researchers from Hiscox also found that Irish firms in particular saw a hefty increase in further demands even after they paid ransoms for data.

Businesses around the world have seen cyber-attacks on their organisations increase for a third consecutive year. According to Hiscox, 53% of organisations endured cyber-attacks in the last 12 months – up from 48% in 2022. Within that data, several other troubling trends have also become prevalent.

Hiscox found that big losses have become common, with the cost of attacks reaching $250,000 for 12% of victims – even as the median cyber-security spend has grown. Over three years, the average spend has risen by 39% to hit $155,000 – suggesting even as cyber-security is becoming a greater priority, it is struggling to make an impact. And criminals are recognising the opportunities this gifts them – often risking re-blackmailing a firm they have already targeted.

Of eight countries around the world, the researchers found  that Ireland seemed to be hardest hit in this regard. In 2021, 39% of the country’s businesses had experienced at least one cyber-attack that year – lower than all bar one of the other countries. In 2023, however, that rose to 73% - the highest of any nation examined.

Similarly, Hiscox found that the UK has undergone a worrying rise in cyber-attacks. In 2021, it had the lowest rate – with just 36% of businesses encountering cyber-attacks, but that his risen to 48% in the last year. That might still be lower than Spain or the Netherlands – but both those nations saw the percentage decrease in the last year.

At the same time, the number of firms encountering repeat ransom demands is rising. While most businesses said they had previously paid ransoms to protect customer data, operational functionality, and their reputations, of those who paid in 2023, 22% found that the attacker then demanded more money – up from 19% in 2022.

Again, Ireland took the brunt of this. Businesses there saw a 50% increase in attackers demanding more money after a ransom payment in the last year.

The causes for this may still date back to the pandemic – having rushed out digital tools to enable remote working. In the UK, which also saw repeat-demands rise, 59% said they were more vulnerable to cyber-attacks due to employees working remotely.

Explaining what could be done to change this, a spokesperson from Hiscox commented, “The uptick in cyber-attacks witnessed in the UK over recent years is concerning but not surprising. Cyber-criminals are fast learners and often succeed in staying one step ahead of the companies they are targeting. Cyber-security consultants should remain vigilant in their efforts to safeguard clients. It’s important that cyber-security and privacy are regularly reviewed, and necessary protections are put in place across all industries, to minimise damage to businesses and customers.”