Cyberattack rates rise for small businesses in UK and Germany

The Hiscox Cyber Readiness Report reveals that small and medium-sized enterprises (SMEs) in the UK and Germany are facing significant cybersecurity challenges. In the UK, 38% of small firms reported a successful cyberattack in the past year, a rate notably higher than the 29% global average for small businesses.

In Germany, 31% of SMEs experienced successful attacks. The economic impact in Germany is particularly severe, with 33% of affected companies reporting that an attack significantly threatened their solvency or continued existence. German SMEs also face longer operational disruptions, averaging 41.7 hours of downtime per incident compared to the global average of approximately 31.6 hours.

Globally, cyber incidents are impacting business growth, with 32% of affected firms stating that attacks delayed expansion plans. While the average cost per incident globally is $52,000, the frequency of attacks in specific markets like the UK increases the cumulative financial and operational burden on local businesses.