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Small Business

Small business loose an average of £63,000 to cyber attacks

Small Businesses loose an average of £63,00 to cyber attacks

2018 saw a huge number of cyber attacks, most of them affecting small businesses.

Two thirds of small businesses  with 50 or few employees have experienced some form of cyber attack – around 130,000 businesses. That’s around £13.6 billion lost, just in 2018. A lot of that cost can be put down to having to pay financial penalties, the cost of the business  being out of action and, sadly, businesses paying the requested fee for ransomware attacks (something you should never do) to an average of £21,000.

The Beaming’s (the company who published the figures above) annual survey found that more small businesses have been caught out by some form of cyber attack; phishing still the most prevalent attack and ransomware the most costly.

Criminals do not target just  large corporate enterprises or governments. They don’t care what size of business they attack. Small businesses have less cyber security layers in place than a large organisation and have more to lose. A survey by Business in the Community (BITC) revealed that one third of UK businesses have no cyber security strategy in place whatsoever.

Could your business afford costs like this? What about surviving ‘reputation damage’?

There are 5 basic steps you can put in place to help protect against a cyber attack:

Backup your data
Reliable backups should be an essential part of any IT strategy for businesses of all sizes. They can protect against, not only a cyber attack such as ransomware, but against hard drive failure, fire, flood or even just accidental deletion of valuable data.

Develop a cyber security policy
A cyber security policy should include technological solutions such as reliable and regularly updated anti virus software, frequent cyber security training and ensuring your computers’ operating systems and applications are fully patched and have procedures in place if an attack should occur.

Provide regular cyber security training to your staff.
I mentioned this in the paragraph above. Training is a vital tool, in addition to technological solutions in the fight against cyber crime. Understanding how threats work and how to spot them can significantly reduce the risk of attack, if carried out regularly.

Keep up to date with the cyber security world
Knowing what is happening in the world of cyber security is massively useful intelligence for your business. Keeping up to date with information on the latest malware and how they work could be the difference between a successful cyber attack against your company and a failed one.

Alex Bryson

7th June 2019