20 Feb 2020

Cybercrime is said to cost UK businesses between £9 billion and £11 billion every year.

Digital crime is vastly growing. Internet criminals exploit our personal and business information for their own gain. They use the dark web to trade in illegal products and they can even gain access to classified government information. In the UK, 43% of all small businesses and 72% of large businesses have been victims of digital crimes in the past year. Businesses can no longer ignore this threat.

There are many different types of attacks that target businesses. From less serious instances of fraudulent emails, to more severe attacks that exploit financial and GDPR protected data.

With the right cyber security in place, fraudulent emails can be filtered out easily and disposed of safely. However, in more severe cases, emails can contain malware and viruses that grant access to your business’ IT systems. Criminals can then steal your business’ information and sell it on. Or they can lock you out of your IT systems making it difficult to regain access, even for expert IT support providers.

Counting the cost

Businesses can pay the price for inadequate IT security. The average cost to a business for a cybercrime rises each year, with the cost to businesses after a security breach around £3,100 in 2018 and £4,810 in 2019.

If data is stolen this average cost can rise even further. According to reports released in July 2018 by IBM, the average cost for a data breach for a UK company was £2.7 million. Though this was 8% higher than the previous year, it was slightly less than the global average.

The main cost of cyber-attacks is in relation to repairing the IT system, compensating those who are affected (customers), and costs to investigate the breach.

Disruption to the business

It isn’t just direct financial costs that can hinder business development. Every cyber-attack against your business costs productivity. This indirect cost can be high, with some companies losing two months’ worth of work when they suffer a cyber-attack. The disruption can be so significant that more than half of all small businesses will cease trading after a cyber-attack.

What can be done to prevent a cyber-attack?

There are many ways that you can reduce the risk of a cyber-attack on your business. The first is by outsourcing IT support functions to a company with experience in dealing with cybercrime. They can find gaps in your security and help to fix them. You should also look at training staff, so they know what a threat or to your IT security breach could be.
You should also invest in proper security software. Emails should be filtered, so malicious emails are deleted before staff can accidentally open them, a major cause of data breaches. In addition, you should install firewalls on your server to prevent attacks.
This isn’t a one-time job either. Security needs to be constantly updated, at least once a week. Every day new threats are emerging, and new defences being developed. Without constantly updating your systems, you’re allowing new threats to access your computer systems.

At SoConnect, we offer IT Managed Services and disaster recovery support to our clients to protect their business. From minor calamities to full-blown catastrophes, we help ensure that you and your business are protected, so that you can always keep going.
For more information on how outsourcing with SoConnect can help your business to get the most out of your IT, contact us on 0333 240 1824 or send us email, sales@soconnect.co.uk

References

https://www.independent.co.uk/news/uk/home-news/uk-businesses-cyber-attacks-security-breach-figures-fraud-hackers-government-report-a8321931.html
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/60943/the-cost-of-cyber-crime-full-report.pdf
https://www.infosecurity-magazine.com/news/cost-of-uk-data-breaches-rises-to/

https://blog.mcafeesecure.com/2018/09/05/what-will-a-data-breach-cost-you/
https://www.inc.com/thomas-koulopoulos/the-biggest-risk-to-your-business-cant-be-eliminated-heres-how-you-can-survive-i.html

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/791942/CSBS_2019_Infographics_-_General_Findings.pdf