UK firms lose nearly $40 billion to cyber attacks

Research by U.K.-based internet service provider Beaming Ltd. has found that cyber attacks may have cost British businesses as much as £30 billion ($37 billion) in 2016, Infosecurity Magazine reported. More than 50% of the businesses were victim to a cyber attack during the year. Phishing and viruses were named the most common threats. Ransomware attacks cost the highest at £7.3 billion, followed by phishing attacks at £5.9 billion.

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