Cyber Crime is a ‘Growing Threat’ for Small Businesses
Only 20% of small business owners see cyber security as a priority while 10% have never invested in protective measures
Small businesses in the UK are becoming increasingly vulnerable to the ‘growing threat’ of cyber crime as many fail to implement adequate security measures, new research from Barclaycard has revealed.
The survey of 250 small businesses found that just 20% see cyber security as a priority while an incredible 10% have never invested in any protective measures – 20% of business owners admitted they had only reviewed their cyber security after falling victim to an attack.
Almost 50% of the businesses surveyed said they had been hit by at least one cyber-attack in the past year, with 10% experiencing more than four attacks.
According to the study, businesses who fail to tighten up their security could be on the receiving end of some large financial losses with cyber attacks said to cost UK small firms on average between £75,000 and £311,000 in lost sales, business disruption, recovery of assets, fines and compensation.
Paul Clarke, product director at Barclaycard, said:
“Businesses of all sizes face a constant and growing threat from cyber crime. As our research shows, many small businesses are failing take the necessary precautions, either because they don’t know how to protect themselves or, more worryingly, because they don’t think they need to.
“Cyber security is not a one-off investment that can then be forgotten about, especially as criminals are becoming increasingly sophisticated in the way they target businesses.”