94% of Small Businesses Experienced Cyber Attack in Last 12 Months

Report reveals only 19% of small and mid-sized businesses prioritise IT security despite incident numbers growing

Recent findings revealed that 94% of companies experienced an external security incident in the last 12 months, but small and mid-sized businesses are still failing to prioritise IT strategy.

The report, conducted by Kaspersky Lab, showed that smaller companies are failing to see the importance of IT development compared to larger businesses. Only 19% of small businesses (less than 25 employees) ranked IT strategy as a top concern, compared to 35% of businesses with over a 100 employees.

Furthermore most e-commerce and online retail businesses do not prioritise IT development with 86% failing to list IT as a key strategic concern of their company. Overall IT policy was only named a top priority among four business sectors: telecom companies, IT/software providers, government/defence organisations, and educational institutions.

The report highlights a misassumption among small and mid-sized businesses that cybercriminals will not be concerned with companies of their size. In fact, survey data revealed that small companies can be regarded as more appealing, as cybercriminals are aware that small and mid-sized businesses are often not fully protected.

These types of attack can cost small businesses thousands – with Kaspersky estimating costs of around £9,000 for companies to get advice and training after an attack – as well as the cost of damage to the business’ reputation, especially if customer details are concerned.

For more information take a look at our IT security guide here.our IT security guide here.

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