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Small Business Significant Costs - How Cyber Crime Hits SMEs hardest

Small Businesses, Significant Costs: How Cyber Crime Hits SMEs Hardest

The bigger they are, the harder they fall? Not so for the UK’s smaller businesses, sadly. Research from business ISP Beaming concludes that smaller businesses are hit harder from the fallout of a cyber crime than their big-business counterparts. 

Earlier this year, Beaming calculated the average number and cost of attacks on businesses since 2018, including large businesses of 250+ employees down to micro-businesses of less than 10. It revealed that an inordinate proportion of recovery funding was paid for by the smaller businesses – classified as those who hire between 10 and 49 staff members.  

The total cost of cyber attacks on small businesses in 2018 was a staggering £13.6 billion – colossal in comparison to medium and large businesses, whose total costs were £3.1 billion and £479 million respectively. This not only suggests that smaller businesses are fronting the largest share of the UK’s cyber crime costs, but that hackers are targeting them more frequently; a 2019 survey by Sonicwall has seen the number of UK ransomware attacks rise by 195%.

Mirus IT - Small Businesses Significant Costs Infographic

This massive growth in Ransomware reports is being pinned on the growing popularity of Ransomware as a Service. Most typically advertised on the Darkweb, RaaS offers even the most novice of criminals the means to conduct sweeping and automated attacks.

Nonetheless, UK businesses are demonstrating more resolute attitudes to cyber security year on year, with the most recent government survey demonstrating their growing demand for tighter protections.

The flawed presumption that smaller businesses aren’t valuable to criminals is fast being put to bed; attacks on smaller businesses might not make the headlines, but they do contribute to the largest share of the UK’s cyber security costs each year. That’s why, for those without adequate protection, it’s more important than ever to invest in a dedicated solution.

Mirus are specialists in small to medium enterprises, offering Managed IT Services befitting your business size, strategy and security requirements. Get in touch with us on 0845 094 2765     


 

Feel Free to Download Our Two FREE eBooks

For more information on the risks of cyber crime to your business, we’ve further reading in our 2 eBooks – What is Cyber Security? and How to Recover from Cyber Attacks.

How to Recover from Common Cyber Attacks eBookWHAT IS CYBER SECURITY eBOOK>

Click on the buttons to download the eBooks. 


 

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