Businesses in the UK and Ireland are enduring a surge in ransomware attacks, with Ireland the worst-hit European country, according to new research. Hiscox researchers also found that Irish companies in particular saw a significant increase in further requests even after paying the ransom for their data.
Businesses around the world have seen an increase in cyberattacks against their organizations for the third year in a row. According to Hiscox, his 53% of organizations sustained a cyber attack in the past 12 months, which is up from his 48% in 2022. Several other troubling trends are also prevalent within that data.
Hiscox found that even though median cybersecurity spending is increasing, large losses are becoming more common, with 12% of attacks costing $250,000. . Over three years, his average spending increased by 39% to $155,000. This shows that despite cyber security becoming a growing priority, it is struggling to make an impact. And criminals are aware of the opportunity this presents them, often at the risk of reintimidating businesses they have already targeted.
Source: Hiscox
Researchers found that of eight countries around the world, Ireland appears to be the hardest hit in this regard. In 2021, 39% of businesses in this country experienced at least one cyber attack that year, which was lower than all but one other country. However, in 2023, that percentage rose to 73%, the highest among the countries surveyed.
Similarly, Mr Hiscox found an alarming increase in cyber-attacks in the UK. In 2021, the percentage of companies that experienced a cyber attack was the lowest, at only 36%, but last year that percentage rose to 48%. This number may still be lower than Spain or the Netherlands, but both of these countries saw their percentages fall last year.
At the same time, the number of companies receiving repeated ransom demands is increasing. Most companies said they had paid a ransom in the past to protect customer data, operational functions, and reputations, but of those who paid in 2023, 22% were subsequently asked for more money by attackers. This is an increase from 19% in 2022.
Source: Hiscox
Once again, Ireland bore the brunt. Last year, companies in this country saw a 50% increase in attackers demanding more money after paying a ransom.
This can still be traced back to the pandemic and the hasty use of digital tools to enable remote working. Repeat demand has similarly increased in the UK, where 59% of people said their employees were now more vulnerable to cyber-attacks as they worked remotely.
Explaining what can be done to change this, a Hiscox spokesperson said: Cybercriminals are quick learners and often succeed in staying one step ahead of their target companies. Cybersecurity consultants must remain vigilant in their efforts to protect their clients. It is important to regularly review cybersecurity and privacy and implement the necessary protections across all industries to minimize damage to businesses and customers. ”