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When we think about a Cyber Security breach we typically think of a highly visible instance of leaked data which cause a media storm, public backlash and reputational damage for the big brand involved.
There’s sometimes an underlying thought by small to medium sized businesses (SMB’s) that it’s really only a major concern for large corporations, banks and governments, because fraudsters committing the crimes go after the big bucks.
Yet the reality is, a virus wiping out an entire data set, or a disgruntled employee running off with critical business assets is much more likely and as just as devastating, for a small business. This has never been more relevant in the current boom-time of home-working.
The cost to an SMB
According to PWC, the average cost to a small to medium sized business for a security breach is between £65K and £115K
This could include the cost for an entire business IT infrastructure being off-line while bought in consultants and the IT team try to get it back up and running, as well as post breach action required to assess what has been accessed that often lead to non-compliance fines.
In a recent report published by the government’s Cyber Streetwise campaign and KPMG, SME victims disclosed that:
Felt that attacks impacted their reputation
Reported a loss of clients
Received negative reviews on social media
Were unable to grow in line with previous forecasts
There are two key elements to helping your business thrive in the face of cyber crime, and malware in particular: your ability to detect and your ability to respond.
Fraudsters recognise that the majority of businesses have basic measures in place, and prey on the fact that very few businesses do anything above and beyond these basic measures. So much so that over 90 per cent of cyber-related incidents are caused by user error.
With ever-evolving threats, it is important that owners of companies of all sizes not only seek to protect their business, but also begin to change their mindsets from ‘it won’t happen to us’ to ‘it’s not if, but when’.