Latest research* from Arctic Wolf reveals:
- Over two thirds (67%) of UK business leaders think their company is more vulnerable to cyber attacks if staff work in a hybrid or remote environment
- Despite this, four in ten (39%) say their business does not have comprehensive cybersecurity insurance in place
- Nearly half (40%) reveal they would be willing to pay at least a five-figure ransom to resume operations efficiently
- One in three (31%) businesses have lost money due to security breaches in the last 12 months
Over two thirds (67%) of business leaders in the United Kingdom believe their company is more vulnerable to cyber attacks as a result of their staff working more remotely; the latest research from Arctic Wolf®, the leader in security operations, has today revealed.
The new research underlines the extent of the cybersecurity concerns many businesses are now feeling, with nearly half (40%) willing to pay at least a five-figure ransom just to ensure they can resume their business operations efficiently. For over a third (35%) of business bosses, ransomware is the type of cyber attack that is worrying them the most, and a fifth (20%) reveal their business has previously concealed a cyber attack to preserve their reputation.
Yet, despite the cybersecurity fears many UK businesses are facing, Arctic Wolf’s report also found that protection and workforce knowledge are not being prioritised. Four in ten (39%) of those surveyed say their business does not have comprehensive cybersecurity insurance in place, 62 per cent do not have confidence their employees have the ability to identify every type of potential cyberattack, and a third (31%) say they have paid out between £36,000 and £216,000 to address security breaches in the past year alone.
When assessing wider attitudes towards cybersecurity, enterprise leaders believe Russia (43%) and China (38%) are still the sources of the most dangerous threats targeting their businesses and think better relationships between the public and private sectors (33%) could help stem the tide of cyberattacks in the future.
“The constant reports of successful ransomware attacks and growing cyber threats from foreign adversaries over the past year have left executives feeling ill-prepared to protect their businesses against sophisticated attacks, and that belief has only been compounded by the operational challenges of running a business in a hybrid work environment,” comments Ian McShane, field chief technology officer, Arctic Wolf. “The best way for organisations to break out of this cycle of fear and uncertainty is for them to recognise that they don’t have a tools problem, but an operational one and that embracing security operations will allow them to address the rapidly evolving threat landscape with ease and simplicity.”
This research is the latest part of Arctic Wolf’s wider report assessing the extent of the cybersecurity challenges currently facing UK businesses. Earlier this year, Arctic Wolf expanded its operations into the EMEA market and established its European headquarters in London. Alongside the UK, the business is actively growing its presence in the Nordics and the Benelux regions and plans to open its first European Security Operations Center (SriOC) in Germany later this year. The company’s international expansion comes on the heels of the company doubling its North American sales for an eighth consecutive year and recently securing a $150 million series F financing round, valuing the business at $4.3 billion.
For additional insights from the research, visit arcticwolf.com to read a blog post from Field CTO Ian McShane.