Freight transport insurer TT Club has urged businesses to take cyber threats more seriously after a report it co-produced with digital security firm Kaspersky revealed startling findings.

According to the report, about 16% of UK firms deprioritised cyber security last year amid the pandemic, port closures, truck driver shortages and other challenges associated with Brexit.

The report also found both businesses including SMEs are showing a worrying level of complacency when it comes to protecting the resilience of their supply chains.

While 72% companies list cyber security threats are their number one concern, only a third have the necessary internal resources and knowledge to respond to an incident.

Only 35% are certain they have taken every possible step to mitigate third-party risks in their organisation.

“At TT Club we are constantly assessing the risk profile of the global supply chain and alerting the industry to our concerns, hence our support of this unique report,” Managing Director Loss Prevention Mike Yarwood.

He says cyber criminals should not be underestimated, pointing out they are agile, focused and highly sophisticated, presenting a significant threat to businesses in the global supply chain.

“As we emerge from the Covid-19 pandemic, TT Club would encourage a re-evaluation of cyber risk policies and urge operators to satisfy themselves that sufficient resource is allocated to addressing this threat,” Mr Yarwood said.

“Resilience in the face of cyber risk is critical.”