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IoT Attacks Cost UK Firms Over £1bn

May 24, 2019 / DAVID EDWARDS

Cyber-attacks on IoT devices could cost the UK economy over £1 billion each year, according to new research from Irdeto. The Dutch security vendor polled IT security decision makers at UK organizations in the transport, manufacturing and health sectors, finding that attacks on connected kit caused losses of £244,000 on average. Along with the headline costs, over half of respondents claimed to have suffered downtime in the past year as a direct result of IoT attacks. Two-fifths (41%) said customer data had been compromised in these raids. This could present a major compliance challenge if GDPR regulators judge the victim organizations haven’t taken suitable steps to protect customer data. It could also lead to attrition: a third (33%) of respondents said they’d lost customers and 29% claimed their brand's reputation had taken a hit.