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Cybercrime costs the small business community billions of pounds a year. Yet despite that alarming statistic, many still seem unaware of the risks, and are failing to take even basic precautions.

10,000 cyber-attacks a day

The Federation of Small Businesses (FSB) published research which revealed the horrifying scope of the problem. Small businesses are the target of nearly 10,000 cyber-attacks a day, with a collective cost of £4.5 billion a year. The average cost of an individual attack is £1,300.

The types of attacks range from sophisticated, to situations which could be avoided with a little forward planning. Over the last two years:

The report figures emphasise a need for small businesses to prepare a defence against cybercrime, and ensure an effective recovery plan in the event of a cyberattack.

Small firms and Government need to do more

Despite the evidence pointing towards the need for better cybersecurity, high numbers of those surveyed did not have adequate protection in place.

According to the FSB’s Policy and Advocacy Chairman, Martin McTague, “these findings demonstrate the sheer scale of the dangers faced by small firms every day in the digital arena.”

But, he is also concerned by the rapidly evolving nature of the threat. Realistically, it’s something that many small businesses just don’t have the resource or budget to contain. McTague argues that the Government should be taking some of the responsibility by enhancing policing and Police skills in this area.

But, with Police budgets already severely restricted, it’s also important that business owners take responsibility for the data they hold, and their own business.

Check out the National Cyber Security Centre’s Small Business Guide: Cyber Security for a straightforward explanation of the steps you can take to protect your business.

About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible. Learn more about Elizabeth.

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