Small Businesses Fail to Protect Themselves Against Cybercrime

Majority of small and medium enterprises experienced a breach in cyber security last year, resulting in costs of up to £311,000

Small Businesses Fail to Protect Themselves Against Cybercrime

More than half (52%) of small businesses do not have data security measures in place, despite 74% experiencing some level of breach last year – costing the average business between £75,000 and £311,000.

The findings, which came from a study by CSID, revealed that many small businesses are not prepared for the aftermath of a security breach – with over two thirds admitting to not having a continuity or disaster recovery strategy in place.

The research also indicated that the level of cyber attacks is on the rise, up 14% from 2014; yet 85% of firms have no future plans to invest in cyber security and only 13% are working with third party organisations to ensure protection.

Overall, the report highlighted a need for small and medium companies to invest more resources into their online presence.

Only 47% of small firms monitor what is written about them and less than 15% have a social media policy in place, despite reputation being named as the biggest concern among the business surveyed (53%).

Managing director of CSID Europe, Andy Thomas, commented:

“While monitoring what is written about your business online is a good practice, we’re surprised by the lack of employee education and social media policies in place.

“It seems that time and again businesses misjudge the element of staff related security breaches which appear to be increasing every year. Yes, there will always be threats from malware, phishing and DOS, but never underestimate the human factor.”

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