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FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Cyber Attack" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

VOInews, London : Cyberattacks have cost British businesses around 44 billion pounds ($55.08 billion) in lost revenue in the past five years, with 52 per cent of private sector companies reporting at least one attack in that time, insurance broker Howden said on Monday.

Cyberattacks cost businesses 1.9 per cent of their revenue on average, Howden said, with companies generating an annual revenue of over 100 million pounds most likely to suffer an attack.

The most common causes of cyberattacks were compromised emails, at 20 per cent, and data theft, at 18 per cent of cases, Howden said.

However, only 61 per cent of businesses were using anti-virus software and only 55 per cent were using network firewalls, Howden said. Cost and lack of internal IT resources were among factors behind businesses' low level of cybersecurity.

"Cybercrime is on the rise, with malicious actors continuing to take advantage of cybersecurity vulnerabilities, particularly as firms become ever more reliant on technology for their operations," said Sarah Neild, head of UK cyber retail at Howden.

Howden's findings were based on a survey of 905 UK private sector IT decision-makers conducted for the broker by YouGov in September//CNA-VOI