An annual cost of £4.5 billion
With the average cost to a small business around £1,300 for every cyber attack, the annual cost to just this sector comes to almost £4.5 billion.
The FSB announced yesterday, that following consultation with over 1,100 respondents, there were an average of 3.5 million cyber attacks on small businesses between 2017 and 2018. This works out at 10,000 a day, with a staggering financial drain on the sector.
What’s more concerning, is that whilst some firms say they have only been attacked once or twice, over 10% of the respondents have fallen victim to more than 20 separate attacks over the last two years.
This threat is constantly growing and evolving, making it more and more difficult to protect your business against the threats.
However it’s not impossible.
Taking steps to combat the threat
There are a number of steps you can take in order to protect yourself and your business. Starting with a cyber security audit, to demonstrate exactly where your weaknesses lie, and how you can plug the gaps. By recognising where you might be vulnerable to threat, you can take steps to prevent it.
But there’s one key factor that’s crucial for any business to make sure they have in place. Cyber and Crime Insurance.
Whilst you can take steps to protect yourself, it’s impossible to defend against every possible risk because they evolve so quickly. By investing in a bespoke, Cyber & Crime Insurance policy, you can rest assured that if the worst does happen, it won’t have a catastrophic effect on your business.
Find out more about how to defend yourself and the benefits of Cyber & Crime insurance in our whitepaper below: