Cyber Threats on the Rise: Are Small Businesses in the South West Next?

Larger firms face mounting attacks

Big businesses in the South West are coming under increasing pressure from cybercriminals, according to new research published today. The Spring 2025 Azets Barometer reveals a sharp rise in cyberattacks against large, data-heavy firms across the UK, with worrying implications for companies of all sizes.

Only 41% of large UK businesses managed to avoid a cybersecurity incident in the past year, while 13% of firms with revenues over £10 million reported suffering multiple breaches. By contrast, 65% of smaller firms said they had no incidents. But experts warn this doesn’t mean they’re safe.

Paul Kelly, Head of Cyber and Data Privacy Services at Azets, said:

“The findings revealed in the latest Azets Barometer show a worrying trend for ongoing cyber-attacks on the UK’s larger, data-heavy organisations. This underscores the need for continued focus on cyber resilience, especially in higher risk sectors.

Even though the majority of smaller organisations report no incidents, it’s a matter of when cybersecurity incidents occur, not if. Smaller organisations must continue to be vigilant and invest in cyber resilience measures to reduce the risk of incidents occurring.”

Retail, finance and hospitality hit hardest

The new data shows a clear concentration of cyber risk in specific sectors. In finance, fewer than four in ten firms avoided a breach in the past 12 months. Retail and hospitality also reported high exposure, with only 43% remaining incident-free and over a third suffering at least one attack.

These figures follow a string of recent high-profile breaches, including the attack on Marks & Spencer that is expected to cost the company £300 million in lost profits. Other major brands affected include the Co-op, Harrods and Adidas.

Meanwhile, lower-risk sectors like construction and healthcare fared much better, with 80% and 76% of businesses respectively avoiding cyber incidents altogether.

UK doing better than Europe – but not by much

Overall, 58% of UK businesses said they experienced no cybersecurity issues over the past year, compared to a European average of 50%. Around 26% of UK firms reported one breach, while 9% said they had suffered multiple incidents.

The findings suggest a direct link between company size, data volume and breach frequency. As businesses grow, so too does their exposure to cyber threats.

Azets, the international business advisory group behind the research, has offices across the South West including Truro, Plymouth, South Molton and Gloucester.

The full results from the Spring 2025 Azets Barometer can be viewed here: https://www.azets.com/en/about-us/azets-barometer