Cyber attacks hit more than 875,000 SMEs

Research conducted by YouGov on behalf of insurance company Zurich has found that more than 875,000 SMEs across the UK have been affected by a cyber attack over the last 12 months, with firms in London worst affected.

The study found that 16 per cent – or roughly one in six – SMEs were attacked over the last year. Of the companies hit, just over a fifth (21 per cent) reported that it cost them more than £10,000 and 11 per cent said that it had cost them more than £50,000.

Despite the figures, 49 per cent of respondents said they would spend less than £1,000 on cyber security over the next year, while 22 per cent were unsure how much they would spend.

“The results suggest that SMEs are not yet heeding the warnings provided by large attacks on global businesses,” said Paul Tombs, head of SME proposition at Zurich.

“While the rate of attacks on SMEs is troubling, it also shows that there is an opportunity for businesses with the correct safeguards and procedures in place to leverage this as a strength and gain an advantage.”

IT security is a collective responsibility and it is essential that SMEs take the necessary steps to protect themselves against cyber attacks.

If you have any concerns relating to this matter, we are able to put you in touch with companies within our extensive network of contacts who will be able to assist. It’s part of our commitment to supporting SME businesses by providing holistic business advisory services.

Please contact Steve Govey or your usual Beavis Morgan Partner.