Three in five of the UK’s Manufacturing and Engineering firms (M&E) have suffered a cyber attack (UK average: 45%), with ransomware attacks the most frequently experienced, followed by phishing emails and denial of service (DoS) data breaches.

Of those firms who have suffered a cyber attack, 68% have been the subject of increased incidents, and 54% have suffered a financial loss, according to the latest independent research from Close Brothers Asset Finance.

The survey also reveals that 65% (UK average: 52%) of M&E business owners have invested in staff training to help prevent cyber attacks, and a further 60% have paid for additional cyber security in the past 12 months.

Steve Gee, CEO of Close Brothers’ Industrial Equipment Division (pictured), said: “It is well documented that many businesses of all sizes have at some point suffered some form of cyber attack, whether it is a ransomware or phishing attack.

“What our research shows is that company owners are not only more aware of the dangers posed by cyber-attacks but are taking action by investing in training or additional security, or a combination of the two. This clearly doesn’t some cheap but the potential losses – financial and reputational – means it’s something all business owners will increasingly have to consider, if they haven’t already.”