In this infographic, SecureTeam, a cyber security consultant that provides a range of solutions to small and medium businesses across the UK, explores the rising costs of cyber attacks on small businesses in the UK and offers some tips on protecting yourself from the growing risk of cybercrime.
The number of cyber attacks in the UK is continuing to rise each year and small businesses are increasingly bearing the brunt of these attacks. In fact, UK small businesses are being targeted by an estimated 65,000 cyber attacks each day. Fortunately for small business owners, the majority of these attacks fail. However, because of the sheer volume of attacks, some cybercriminals are successful, resulting in a small business in the UK being successfully hacked every 19 seconds.
The Growing Threat of Cybercrime
Majority of small business owners mistakenly believe that they are not at risk of cybercrime and make little effort to protect themselves. In reality, a staggering 43% of cyber attacks in the UK target small businesses. In fact, in 2018 2/3rds of UK businesses that employed between 10 to 49 people were the victim of some kind of cybercrime.
It has never been more important that small business owners take the threat of cyber attacks seriously and prepare for that inevitable breach. The most common form of cyber attack is phishing attacks through fraudulent emails. 49% of cyber attacks that target small businesses are fraudulent emails and 72% of businesses have been affected by fraudulent emails.
The best way to defend against this form of attack is strong staff training in regards to cyber security. Phishing attacks are so successful because only 25% of small businesses give their staff formal cyber security training. By understanding the common nature of cyber attacks you will be in a much stronger position to protect your business.
The Rising Cost of Cyber Attacks
Not only are the number of cyber attacks increasing, but the costs of those successful attacks are also increasing. In fact, the total cost of cyber attacks has more than doubled since 2017 with the average attack now costing small businesses over £6,000.
However, when considering the costs of a cyber attack it isn’t just the direct costs, such as ransoms paid or replacing hardware, but also the further damage that comes from a loss of business.
Any down periods due to recovery time or potential loss of trust thanks to the damage done to your reputation can cause losses to your business, as well as make it difficult to attract new customers and recover.
A Relentless Threat
Cybercriminals pose a relentless threat to small businesses across the UK and small business owners should be making every effort to protect themselves from cyber attacks.
If you are concerned that your business might be at risk of a cyber attack or think that it may have already been targeted by one then contact a cyber security specialist for advice on how to safeguard your business from cybercrime or how to best manage an incident.
