Cybercrime is a growing threat to all businesses in all sectors and all sizes, from sole traders and the self employed, to large corporates and multinationals. According to analysis from Beaming, UK businesses faced an average of 146,491 attempted cyber-attacks in the second quarter of 2019. This equates to one attack every 50 seconds and is the highest level since 2016. Over the summer of 2019 British Airways was the first British company to be fined under the EU General Data Protection Regulation (GDPR).
What is the Likelihood of a Cyber Attack and What Financial Damage do they Cause?
Many small businesses think they are unlikely to be impacted by a cyber attack because the hackers target larger companies. However, this is simply not the case. SMEs are very much in the firing line. In fact, almost 10,000 attacks happen every day according to the Federation of Small Businesses (FSB). And according to TechRadar, a staggering 1.4 million SMEs were hit by a major attack in 2018 with the impact of an attack costing nearly £6,500 on average. One in six SMEs spent £10,000 or more to combat an incident, with nearly one in 10 paying out more than £20,000.
What Impact could a Cyber Attack have on Your Business?
Any business that falls victim to cybercrime could stand to lose a lot. It’s not just the financial implications that can be devastating but also the potential damage to the reputation of your business. Will you lose customers as a result? Will your customers trust you with their data again? While large companies may have the resources to be able to recover faster and more easily, for freelancers and small businesses, recovery could take much longer. In the most severe cases it could even be terminal for your business.