The Average Cyber Attack Costs A Small Business £65k

5th April 2019
Alex Winter

Small businesses in the UK bore the brunt of £17 billion worth of cyber attacks in 2018, according to our new research.

Beaming’s annual survey of business leaders, conducted by the research consultancy Opinium, indicates that almost two thirds of UK companies employing between 10 and 49 people – the equivalent of 130,000 businesses nationwide – fell victim to some form of cybercrime last year. That’s the highest level we’ve seen since we started surveying business leaders in 2016.

The average cost of cyber attacks on small businesses amounted to £65,000 per victim in damaged assets, financial penalties and business downtime. This puts the total bill of cybercrime across all UK small businesses in 2018 at an estimated £13.6 billion. The total across all business sizes was £17.8 billion

Malicious phishing emails claimed the greatest number of small business victims (26 percent of firms) but ransomware attacks were the most financially damaging, costing £158,000 on average for a business employing 10-49 people.

Our research shows that cyber criminals don’t care how big your business is, everyone is a potential victim and the cost of an attack can be devastating.

Small businesses are trusting more data to the cloud and accessing it from lots of locations. This provides greater flexibility and efficiencies, but also adds to the importance of ensuring data is held and transported securely. When choosing cloud products, businesses should ensure they have the right connectivity to go with it.

If your business has “gone cloud” and you want to make sure that your connectivity and cyber security measures are up to the job, Alex would love to talk to you at a Chamber event or on the phone. You can call him on 0800 082 2868 to discuss your individual business needs.

In the meantime, read and share  our advice to make sure all staff are up to speed on how to spot a phishing email and what they should do with suspected malicious messages.

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