More than half of small and medium-sized enterprises (SMEs) have been affected by cyber security breaches in the past, according to the latest findings.
Director of direct and partnerships from Markel Direct Rob Rees said while attacks on larger companies make the headlines, this is not to say smaller firms are safe.
“SMEs and the self-employed are also at risk, and the consequences can be devastating to smaller businesses that may not be able to recover from the financial impact of a cyber-breach or losing the trust of their customers,” he stated.
In fact, he noted that criminals typically target SMEs and sole traders, as they do not have as much cyber security to protect themselves.
This can be short-sighted, however, as being hit by a cyber attack can have a devastating impact for them, with Mr Rees adding: “SMEs and the self-employed who become targets of a cyber-attack can end up facing financial and operational consequences, of which some may never recover from.”
More than two-thirds revealed the attack cost them up to £5,000; 21 per cent had to pay between £5,000 and £10,000; seven per cent had to invest between £10,001 and £25,000 as a result of their breach; and four per cent were set back more than £25,001.
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