The UK energy sector faces the highest risk of experiencing cyber incidents, according to a cyber readiness study by the international insurer Hiscox.
Based on a sample of more than 1,000 UK businesses the research estimates the industry saw a median loss of more than £25,000 in the last 12 months.
The authors of the analysis suggest that contradicts the fact that a high share of firms in the industry have a dedicated budget for cybersecurity.
The analysis attributes the risk level of the sector to the lack of preparation.
It estimates that although 84% of firms have a dedicated cybersecurity role, just 39% of them said reviewing cyber policies was a top spending priority for the next 12 months.
Findings of the report also suggest pharmaceutical and healthcare businesses were the most dedicated to cybersecurity spend, with 23% investing more of their IT budget to tackle a cyber incident.
A spokesperson for Energy Networks Association, which represents the UK and Ireland’s energy network companies, said: “Energy network operators take cyber security extremely seriously.
“Our members work regularly and closely with the government and others in the industry to keep pace with emerging threats and ensure systems and data are kept secure.”