According to Government research more businesses than ever are facing the threat of losing confidential information, the research identified:
- 87% of firms employing up to 50 staff had experienced a cyber security breach and the trend is on the increase.
- The average cost of the worst breach for small companies was between £35,000 and £60,000.
- Some attacks caused more than £1m of damage.
Responding to the cyber security threat
In June the Government launched a new cyber-security certification, allowing businesses to show consumers that they have measures in place to help defend against common cyber threats. The Department for Business Innovation and Skills (BIS) claims that obtaining a Cyber Essentials certification will mean a company can advertise the fact that it takes cyber security seriously – boosting its reputation and providing a competitive selling point.
The Government is also making up to £5,000 available to help firms employing up to 50 people to improve their cyber security by bringing in outside expertise to help.
A single successful attack could seriously damage your business so it is important to manage your online security in the same way you would protect any other aspect of your business.
Why not get in touch to benefit from an independent review of your insurance cover to check whether this key area of risk is covered by your insurance arrangements.
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