Wholesale industry the second most at threat to cyber-attack, report shows

The wholesale industry has ranked second in a cyber-attack threat table from a report that reveals the state of cyber preparedness in the UK.

The findings were part of Hiscox’s Threat Ranking Table, which uses data from the latest Hiscox Cyber Readiness Report to identify which industries are most at risk of a cyberattack. Now in its sixth year, the report rates the comparative cyber risk levels of 9001 UK businesses across a number of sectors.

Changes in behaviour precipitated by multiple lockdowns, increased online purchases, work from home mandates and international travel bans have been cited as possible explanations for the rankings include.

The Hiscox Threat Ranking Table
(Highest to lowest risk)
Score ranges from 7-70, with 7 being the lowest risk and 70 being the highest.
The risk score is based on how optimistic business leaders are about their ability to deal with future cyberattacks. It takes into account several factors, including the number and cost of cyber events faced by surveyed firms within each of the sectors.

Almost half of surveyed UK businesses across all sectors (44%) reported having had one or more cyberattack in the last 12 months, with a median annual loss of £21,097 per company due to cyber incidents. Larger businesses were subject to the most attacks; 63% of UK businesses with more than 1000 employees experienced a cyber incident of some kind. These same firms suffered the most severe financial losses as a result, with companies reporting median financial costs of £50,000 – more than double the UK average.

UK cyber threat statistics

• Only 28% of UK businesses said reviewing cyber policies and procedures was a top spending priority for the next 12 months.
• 42% of UK firms do not have a dedicated cyber security role.
• The food and drink sector* was the UK’s most cyber-ready, receiving the lowest risk score.

Gareth Wharton, Hiscox UK Cyber chief executive, commented: “The last year has presented significant cyber security risks for UK businesses, with essential industries being subject to the highest risks, according to our threat ranking table. We know that this threat isn’t limited to particular countries, and while it’s evident that UK businesses are continuously investing in cyber defences, it’s important that increased investment continues to prevent grave financial losses.”