In a press release earlier this month, the government has warned businesses to take action as research finds that the cost of cyber security breaches doubles.
Although many small business owners think that they are not at risk of cyber attack, the research showed that 74% of small and medium-sized enterprises (SMEs) reported that they have suffered an information security breach.
The research also showed that the average cost of the worst cyber breach, for SMEs, is between £75,000 and £310,800.
Digital Economy Minister, Ed Vaizey, said:
“The UK’s digital economy is strong and growing, which is why British businesses remain an attractive target for cyber-attack and the cost is rising dramatically. Businesses that take this threat seriously are not only protecting themselves and their customers’ data but securing a competitive advantage.”
Commenting on the importance of cyber security Charles Kavazy, Director of IT Services at Hawsons, said:
“It is absolutely vital that small business owners understand that cyber security risk is not about the size of your organisation, but about what you do – the sensitivity of your data, where you keep your data and how your transmit your data – and no business, whether small or large, can afford to overlook the importance of cyber security.”
Charles adds: “Yet, despite the considerable consequences of a breach – which are highlighted nearly everyday in the media – separate research from the government indicates that 1 in 5 SME business owners still don’t know where to start with cyber security, with many also admitting that they think small companies are not a target for hackers. This is not completely true.”
“Although the internet brings business benefits and considerable opportunities to SMEs, it also brings a range of different risks that must be carefully considered. Cyber security is one of these risks. To fully understand all of your risks and mitigate your vulnerability where possible, it is crucial your business has a set of systems and processes just as you have for managing the rest of your business. This is called a Cyber Security Management System (CSMS), often sometimes known as an Information Security Management System (ISMS).”
For more information on the importance of cyber security and advice on how to implement a Cyber Security Management System, please watch this short video or visit our cyber security page.
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