In the last five years, 52% of businesses suffered at least one cyberattack but despite this 61% of companies have no cyber insurance cover, a survey by insurance company Howden found.

Based on the single most expensive attack for each affected business, the cost equated to £44bn for the economy, Howden estimated. With major British companies all the target of damaging cyberattacks in recent months, it is critical for businesses to review IT security policies, train staff on the threats and risks of cyberattacks, and ensure systems and procedures are up to date.

Jill Knesek, chief information security officer, BlackLine said: ‘A strong GRC (governance, risk and compliance) process focused on cybersecurity certifications is critical.