Insurer warns Construction among industries most at risk from cyber attacks

Insurer warns Construction among industries most at risk from cyber attacks

The UK’s construction industry has been ranked as the fifth most at risk from cyber attacks for the second year running.

According to an annual report by insurance giant Hiscox, almost half of UK firms have experienced a cyber-attack, with businesses experiencing a median yearly loss of over £19,000 due to incidents.

The proportion of firms experiencing attacks has increased by 9%, from 44% in 2022 to 48% this year.

The survey identified property as the sector most at risk, drawing on a sample of more than 5,000 companies.

Business email compromise is the most common entry point for cyber attacks, while 59% of UK organisations said they were more vulnerable due to remote working.

A phishing attack on Interserve, once a FTSE 250 listed business, cost the firm more than £11m, contributing to its decline.

The business went into administration in March 2019 and was subsequently broken up.

More recently, failed window and door manufacturer Safestyle UK cited the £4m cost of a cyber attack among the contributing factors to its administration.

Alana Muir, head of cyber at Hiscox, said: “Improving digital resilience is a never-ending task for businesses, and the difference in how sectors can cope with this is marked.
“Cyber criminals are fast learners and often succeed in keeping one step ahead of the companies they target.

“Cyber security and privacy must be regularly reviewed, and necessary protections are put in place across all industries to minimise damage to businesses and customers.”

Recently, the British Library suffered a technology outage after it was hit by a cyber-attack, which affected its online services and its sites in London and West Yorkshire.