According to the UK Governments Cyber Security Breaches Survey 2025, in the last year there were over 8.5 million cyber attacks on UK businesses. 43% of businesses and approximately 30% of charities reported experiencing a cyber security breach or attack over the past 12 months.
The survey estimates that businesses have faced an average cost of £1,600 due to a disruptive breach or attack, whilst for charities it’s double, at £3,240. These figures are self-reported, meaning that the full financial impact could be underestimated when considering attacks that have gone unreported.
The growing threat of ransomware attacks
Approximately 94% of cyber incidents target backups, whilst it only takes a median time of 60 seconds for threat actors to access private data from the most prevalent attack- phishing.
Cyber threat actors use malicious software to encrypt all the files on a victim’s computer or network, rendering them inaccessible. In exchange for the decryption key, the victim must pay a ransom to regain access to their files. This type of cyber attack can cause significant harm to individuals and organisations by compromising sensitive information and disrupting normal operations.
Cyber attacks are becoming more advanced and targeted, leading to an increased prevalence of undetected system infiltrations. Hackers keep improving ransomware to bypass security measures and hold files hostage for their demands. This constant evolution in tactics has made it increasingly challenging for individuals and organisations to protect themselves against such attacks.
What is the Impact on business operations?
A ransomware attack can prevent access to essential data, causing devastating consequences for your business.
This would disrupt the production process and ripple effect on your customer service capabilities, decreasing customer satisfaction levels. A cyber attack causing missed deadlines can damage your business’s reputation and financial stability. The duration of downtime varies and depends on the severity of the breach and the effectiveness of recovery efforts.
What are the financial implications?
- Ransomware attacks can lead to direct financial losses from ransom payments demanded by attackers.
- There is no certainty that paying the ransom will result in file recovery.
- Indirect costs include lost revenue from downtime, expenses for forensic analysis, and system restoration costs.
- Small businesses can be especially vulnerable to the financial impact of ransomware attacks, potentially leading to bankruptcy.
Ransomware attack and reputational damage
Ransomware attacks, in addition to causing immediate financial losses, can have lasting repercussions on your company’s reputation. When customers and clients become aware that your organisation has fallen victim to a cyber attack, they may question your ability to safeguard their sensitive information.
This erosion of trust can result in a decline in business and possible legal action against your company. Rebuilding a damaged brand’s reputation requires communication, transparency, and improved security measures to regain stakeholders’ confidence.
What are the legal and compliance risks?
- Legal and regulatory implications related to data protection regulations.
- Possibility of hefty fines and penalties for breaches.
- Importance of understanding industry compliance requirements.
- Critical nature of ensuring ransomware protection measures are adequate.
- There is a need to invest in ransomware protection to safeguard data, operations, and reputation.
What are the risks to your data?
External Risks: Alongside ransomware, hacking, and other criminally minded cyber-attacks that will corrupt, encrypt, degrade, or delete stored data, natural disasters out of your control, such as fire and flood, could leave your hardware and valuable data ruined if not backed up offsite.
Internal Risks: Contrary to popular belief, one of the biggest threats to your data security can be from inside your organisation. Disgruntled former employees with IT access, human error due to poor training, lack of knowledge or IT awareness, poorly controlled access/management policies or an unstructured infrastructure, and hybrid working across multiple devices in different locations are all examples of vulnerability where data breaches can occur.
Most organisations do not have a method for addressing either of these risks. Storing backups onsite makes them vulnerable to direct attacks.
In addition, such historic and often poor-performing storage methods with poor climate control and humidity do not protect your data from long-term concerns that develop over time, like bit rot or data decay, leaving it unreadable and unreliable.
How to improve your data security:
You can improve your data security and protect your business in various ways.
- Multi-factor authentication (MFA) protects your data by ensuring a robust access process to prove user identity. A user can only access the data if they produce two verification methods. This prevents someone with malicious intent simply using a password to see private information.
- Extended recycle bin (delaying garbage collection) – human error occasionally leads to mistakenly deleting vital information, often permanently. By using this method, you can extend the retention period of the recycle bin and enable recovery of deleted files.
- Copy backups to immutable storage in the cloud An immutable backup creates a file that no one can alter, corrupt, or destroy in any way. This means that it provides complete protection to your data in the event of a ransomware attack or any other data loss incident, ensuring that your data remains unchanged. The biggest advantage of an immutable backup is that it saves time, prevents data loss, and ensures business continuity.
The importance of immutable backups
As cyber threats like ransomware become more sophisticated, traditional backup strategies may fall short. This is where immutable backups come into play, offering a robust defence against data loss and manipulation.
Immutable backups are not just a trend but a necessary component of modern data protection strategies. With the rise of ransomware and other cyber threats, having an unalterable, secure copy of your data is indispensable.
In an era where data integrity can make or break a business, investing in immutable backups is a wise decision that can save your organisation from the repercussions of a devastating cyber attack. By following best practices and remaining aware of the challenges, you can ensure that your data remains safe and your business resilient in the face of ever-changing threats.
By embracing the importance of immutable backups, you position your company to withstand the most severe cyber onslaughts, protecting your most valuable asset—your data.
Conclusion
Ransomware attacks significantly threaten businesses, and the risk only increases. Therefore, investing in ransomware protection is essential to safeguard your business from potential attacks.
In addition to the immediate operational impact, ransomware attacks have the potential to result in direct financial losses due to the ransom payment demanded by the attackers.
Please note that paying the ransom does not guarantee the recovery of the files. Moreover, these attacks cause indirect costs, including lost revenue due to system downtime, expenses associated with forensic analysis to determine the extent of the breach, and the costs of restoring the affected systems. These financial implications can devastate small businesses and may even lead to bankruptcy if the financial strain is too great to bear.
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