Half of UK businesses (53%) with between 100 and 2,000 employees have been affected by a cyber attack in the past year, according to research from QBE. For 16% of affected businesses, resulting disruption from an attack lasted a day or more. The data found that of those experiencing cyber attacks, 59% said that at least one of them was linked to a supplier.

The research included findings from 9 different countries – Germany, Canada, the UK, the Netherlands, Denmark, Sweden, France, Italy and Spain. It found that a third of businesses were planning to increase their cyber security budget beyond inflation in the coming year. An average of 65% of businesses had cyber insurance. Penetration was highest in the UK (77%) and lowest in Sweden (55%).

Serene Davis, global head of cyber at QBE Insurance, said: “Businesses are more interconnected than ever. For sure, they need to have safeguards within their own organisation, but they also need to consider their supply chain.

“If one of their suppliers has a vulnerability, it will likely affect them, so due diligence is absolutely crucial.”