The UK has been outed in the top five most breached countries in Europe, with a staggering 5.7 million personal accounts compromised in 2024 so far according to recent data. This alarming statistic not only makes the risk to UK businesses very real, it highlights the urgent need for enhanced cybersecurity measures for all. The recent breach of Disney’s Slack archive, resulting in over 1 terabyte of leaked internal information, underscores the vulnerability of even the largest and most secure organisations. With 50% of businesses having experienced some form of cyber security breach or attack in the last year, it’s no surprise that the new Labour government has introduced the Cyber Security and Resilience Bill, aiming to bolster the nation’s cybersecurity framework.

But what can you do to protect your business today?

Understanding the Breach Landscape

Overview of the Current Situation

The UK’s alarming status as the one of most breached countries in Europe should be a wake-up call for all of us – both individuals and businesses. With a staggering 5.7 million personal accounts compromised in 2024 so far, the scale of the problem is unlike anything we’ve seen before. Compared to other European countries, the UK sits at number four for its high number of data breaches. This trend makes it clear that cybercriminals are increasingly targeting the UK, so we need to step up and respond with stronger, more effective measures.

Impact on Individuals and Companies

The consequences of data breaches are far-reaching. For individuals, the loss of personal information can lead to identity theft, financial loss, and a significant breach of privacy. Businesses, on the other hand, face reputational damage, financial penalties, and operational disruptions. Big brand names such as Microsoft, Ticketmaster, and even The Bank of America have all faced the wrath of cybercriminals and had to reassure customers and employees that these breaches will not be happening again. But can we be certain? Even well-resourced and security-conscious organisations are not immune.

The Cyber Security and Resilience Bill

What does it mean and how can it help your business?

In response to the escalating cybersecurity threats, the new Labour government has proposed the Cyber Security and Resilience Bill. This legislation aims to address the current gaps in the UK’s cybersecurity framework. Key provisions of the bill include tougher requirements for reporting cyber incidents and an expanded remit for regulators to enforce cybersecurity measures within British supply chains. These measures are designed to ensure that organisations are more transparent about breaches and that there is greater accountability and oversight.

The proposed bill is expected to significantly improve the UK’s cybersecurity posture. By imposing stricter reporting requirements, organisations will be incentivised to enhance their security measures to avoid regulatory penalties. The expanded powers for regulators will help ensure that cybersecurity best practices are adhered to across various industries, reducing the overall risk of breaches. Ultimately, these measures aim to create a more resilient digital environment where both individuals and businesses are better protected against cyber threats. Although this bill will enhance accountability and drive businesses to improve their security measures, it does not guide how businesses can better protect their sensitive information.

Adapting to the New Cybersecurity Environment

Businesses must take proactive steps now to adapt to the new cybersecurity landscape. But how?

1. Enhance Incident Reporting: Establish clear protocols for reporting cyber incidents internally and to relevant authorities. This will not only ensure compliance with the new regulations but also enable a swift response to breaches.
2. Improve Internal Security Protocols: Regularly update security measures, conduct thorough audits, and implement advanced security technologies. This includes firewalls, intrusion detection systems, and endpoint protection.
3. Understand Your Supply Chain: Understanding your third-party supply chain is crucial for maintaining comprehensive cybersecurity. Third-party vendors can often be weak links, exposing your organisation to significant risks. Our Vendor Risk Management solution provides a clear understanding of your supply chain by identifying and mitigating potential vulnerabilities. This ensures your vendors meet high cybersecurity standards, safeguarding your organisation against threats.
4. Invest in Employee Training: Educate employees about cybersecurity best practices and the importance of vigilance. Regular training sessions can help prevent phishing attacks and other common threats. We cover more about security awareness training in our previous blog. 

The UK’s cybersecurity crisis demands immediate and sustained action. The Cyber Security and Resilience Bill represents a significant step towards creating a more secure digital environment. However, it is essential for both businesses and individuals to adapt to this new landscape proactively. By enhancing security measures, staying informed, and leveraging advanced technologies, we can collectively reduce the risk of data breaches and protect our digital assets.

If you’d like to find out more about how we can help you visualise and manage your third-party risk all in one place, get in touch!

About C2

C2 is a UK risk management scaleup on a mission to help businesses survive and thrive in the digital economy. C2 helps organisations manage security and compliance in a way that’s unique to their business and that does more than simply ticking off digital checkboxes. C2’s industry-leading platform supports the public and private sectors in managing their threat landscape and improving vendor controls, project, privacy, and ESG risks.