Cyber crime costs the UK economy an estimated £27bn per annum. Reports this year show that small businesses are the most at risk. 58% of malware attack victims are categorized as small businesses.
SMBs are more at risk for the following reasons:
- There are simply more of them
- They are less likely to have plans in place to counteract a cyber-attack, or deal with a security breach
- In most cases they haven’t invested in training staff so employees can spot attacks. Remember your employees are your first line of defence
- They are more likely to pay ransoms to cyber criminals to unlock encrypted data due to having no, or inadequate backup or business continuity measures in place
Small businesses are naturally more at risk than larger organisations. They are also suffering from increased targeting by cyber attackers. More than half (55%) of UK firms reported an attempted cyber-attack in 2019, rising 15% from 2018. And SMBs are not exempt from these statistics, with a 14% increase in the number of SMBs reporting a cyber-attack in 2019 than in 2018 (source: Hiscox).
Businesses are vulnerable to the many different kinds of cyber attack, such as those listed below:
Hackers use email the most often to get inside organisations. So it is important to make sure your staff are well trained and vigilant when it comes to email security. Learn more about Security Awareness Training here.
Without taking simple steps to increase security within their business, companies are at risk. Cyber attacks can result in financial losses and reputational harm.
A cyber security breach could cost a small or medium sized business as much as £310,800 according to a government report.
Cyber criminals do not only target large businesses!
In fact, cyber criminals are now specifically targeting small and medium sized businesses over larger ones.
With the General Data Protection Regulations in place, companies face fines of 4% of their revenue, or €20 million, whichever is greater, for allowing any security breaches to compromise customer data. This makes cyber security a crucial issue for all businesses.
To learn more about how you can protect your business from cyber attacks get in touch with us today.