Four in five UK managers concerned about the rising threat of cyber attacks, survey finds

• New research from the Chartered Management Institute (CMI) finds the vast majority of managers (85%) say their organisations are concerned about growing cyber threats.
• Only 23% of organisations have implemented insurance for financial losses, despite cyber threats costing an average of £10,830 to large businesses according to government figures.
• Eight in ten managers (80%) believe that their own digital skills need improvement.
• Anthony Painter, CMI’s Policy Director, calls on public sector leaders to increase efforts to address cybersecurity to avoid disruption to critical public services.

London - Rising cases of cyber attacks across various industries have heightened concerns among UK managers, with over four in five (85%) organisations expressing worry about the increasing threat, according to a new survey from the Chartered Management Institute (CMI).

The survey of 1,000 UK managers comes in the wake of multiple recent cyber attacks on public services, including a significant ransomware attack on Synnovis, a key NHS partner, which disrupted thousands of blood transfusions and lab services, affecting hospitals and GP surgeries in London.

In response to the growing threat, the survey revealed that 79% of managers have participated in cybersecurity training or awareness programmes in the past year. However, only around half of managers (59%) claimed their organisation offers regular cybersecurity training for all employees.

Government figures from April 2024 show that 70% of medium-sized businesses and 74% of large businesses experienced a cybersecurity breach or attack in the last 12 months, costing an average of £10,830 to each business annually. Yet, only 23% of organisations have implemented insurance cover for potential financial losses due to cyber incidents, according to UK managers.

Other common measures employers have implemented to ensure cybersecurity include regular software and system updates (78%), enhanced security for accessing company systems and applications, such as multi-factor authentication (66%), and secure file-sharing solutions with restricted access (65%).

Despite these challenges, the same research revealed a positive trend in managers’ understanding of cybersecurity, with over nine in ten (93%) having an intermediate or advanced understanding of online safety practices, such as using strong passwords and avoiding phishing scams. This increased by four percentage points compared to a year ago when CMI last asked this question (93% in March 2024 vs. 89% in May 2023), suggesting growing awareness and knowledge of cybersecurity practices.

However, 80% of managers believe that their own digital skills need improvement, with the vast majority (92%) agreeing that employers have a responsibility to improve the digital skills of their staff.

In response to the survey, the CMI’s Policy Director, Anthony Painter, commented:

Our survey highlights the increasing concern among UK managers about cyber threats. Cyber security breaches and attacks are not just common; they are disrupting critical public services that millions of UK citizens rely on. Leaders in our public sector have a crucial role in addressing these threats to safeguard essential services.

While it’s encouraging to see a rise in cyber security awareness, much work remains. Employees are the first line of defence, and organisations must invest in upskilling their teams to create a resilient workforce. As we face growing digital challenges, access to emerging technologies, our biggest assets remain our people and their continuous development.