More than half of UK businesses fear reputational damage above all else following a cyber attack, according to new research from Towergate Insurance. The survey found that 53% of respondents viewed loss of reputation as their biggest concern, putting it ahead, even, of customer data loss (at 32%), business or revenue loss at 13% and regulatory fines at a mere 3%.

The findings, released to mark Cyber Security Month, suggest a growing recognition that cyber security incidents threaten trust as much as operations or finances. Towergate said the results underline that cyber security has become a matter of credibility and brand integrity as much as technical defence.

Al Sumner, md risk management at Towergate Insurance, said: “These results highlight a crucial shift in mindset among business leaders. Cyber security is no longer just about protecting data, it’s also about protecting relationships, credibility and brand integrity. The cost of losing customer trust can often far outweigh the financial losses caused by an attack.”

The findings come amid a surge in UK cyber attacks, with national data showing a steep rise in significant incidents over the past year.

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