Business Leaders Cyber Briefing - Episode 12: Key Takeaways

What You'll Learn from This Episode

Trish and Tom from Cool Waters Cyber break down the 2025 Cyber Security Breaches Survey findings to help UK financial services leaders understand their current risk landscape and improve their cyber defenses.

Critical Insights for Business Leaders

Your Risk Profile is Higher Than You Think

• 74% of large businesses and 67% of medium businesses experienced cyber incidents
• Finance and digitally intensive sectors face elevated risks
• Ransomware attacks have doubled, now affecting 1% of all businesses (19,000 organizations)

Phishing Remains Your Biggest Threat

• 85% of breached businesses were hit by phishing attacks
• Even failed attempts drain significant staff time
• AI-enhanced scams are making phishing more sophisticated and harder to detect

Financial Impact Can Be Severe

• Average breach costs range from £1,600 to £8,260 depending on severity
• Cyber-facilitated fraud averages £5,900 per incident
• Repeat attacks are common—affected businesses face an average of 30 incidents annually

Key Action Items

Strengthen Board Accountability

• Only 27% of businesses have a board member explicitly responsible for cyber security
• Finance sector performs better (57%) but still has room for improvement
• Make cyber security a standing board agenda item

Improve Incident Response Preparedness

• Just 23% of all businesses have formal incident response plans
• Only 39% of affected businesses report incidents externally
• Develop and regularly test your incident response procedures

Implement Proven Frameworks

• Use the UK Cyber Governance Code of Practice's five principles as your foundation
• Consider IASME Cyber Assurance for comprehensive governance alignment
• Start with Cyber Essentials for essential technical controls

Bottom Line

The episode demonstrates that while cyber threats are intensifying, businesses with structured governance and incident response capabilities are better positioned to minimize impact. The key is moving from reactive to proactive cyber security management through proven frameworks and clear board-level accountability.

Next Steps: Assess your current cyber governance against the five principles, ensure you have formal incident response plans, and consider certification standards like Cyber Essentials or IASME Cyber Assurance to systematically strengthen your defences.

Need help with Cyber Security?

Speak to Cool Waters Cyber - NCSC assured Cyber Advisors and Cyber Essentials experts - www.cool-waters.co.uk