Cyberattacks have resulted in approximately £44 billion ($55.08 billion) in lost revenue for British businesses over the past five years, according to a report released by insurance broker Howden on Monday. The report indicates that 52% of private sector companies experienced at least one cyberattack during this period.

On average, cyberattacks have cost businesses about 1.9% of their revenue, with larger companies—those generating over £100 million annually—being the most susceptible to such incidents. 

The primary triggers for these cyberattacks included compromised emails, accounting for 20% of cases, and data theft, which represented 18%, as reported by Howden.

Despite the risks, only 61% of businesses have implemented anti-virus software, and merely 55% utilize network firewalls. Factors such as cost and insufficient internal IT resources contribute to the inadequate cybersecurity measures among businesses.

"Cybercrime is increasing, with malicious actors exploiting cybersecurity weaknesses, especially as companies grow more dependent on technology for their operations," stated Sarah Neild, head of UK cyber retail at Howden.

The insights from Howden were derived from a survey of 905 IT decision-makers in the UK private sector, conducted by YouGov in September.