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 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.