Here’s What a Cyber Breach Could Cost You

December 20th, 2016 - Category - IT & Cyber Security

£310,000

That’s how much a cyber security breach could cost a small or medium sized business, according to a government report. This has more than doubled since 2014.

It highlights that Cyber Criminals are now specifically targeting SMEs over big businesses.

74% of small and medium-sized businesses reported they had suffered an information security breach. More than half (52.4%) of spear-phishing attacks are against SMEs – with many using fake email addresses to pose as the CEO of the company.

cyber crime-1.jpgCyber Criminals do not only target large businesses!

In fact, cyber criminals are now specifically targeting small and medium sized businesses over larger ones.

Small and medium sized businesses are:

  • More numerous.
  • Less likely to be well prepared for a cyber-attack.
  • Less likely to have vigilant, well trained staff, able to spot attacks.
  • More likely to pay ransoms to cybercriminals to unlock encrypted data due to having no, or inadequate backup or business continuity measures, in place.

In 2018, companies will have to comply with a new European law, the General Data Protection Regulations, which will mean companies face fines of 4% of their revenue, or €20 million, whichever is greater, for allowing any security breaches to compromise customer data.

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Topics: Cyber Security
Mit Patel

About Mit Patel

Mit - Managing Director. In 2002, Mit founded Netstar. He has helped grow Netstar to become an indispensable partner to some of London’s finest businesses, including well known names in the Financial Services industry. Mit works across all aspects of the business including strategic planning and key account management. Mit is focused on ensuring the delivery of a high quality service, and providing strategic value to help our customers overcome their business challenges.

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