Cyber-attacks on small businesses cost £4.5 billion, according to research

07 Aug 2019

The annual cost of cyber-attacks on UK small businesses is £4.5 billion, according to research conducted by the Federation of Small Businesses (FSB).

One in five small businesses suffered a cyber-attack between January 2017 and January 2019, the FSB found. In total, over seven million attacks took place over the two-year period, at an average of almost 10,000 a day.

The average cost of an attack on a small business is £1,300, with the combined cost totalling £4.5 billion.

Commenting on the research, Martin McTague, Policy and Advocacy Chairman at the FSB, said: 'These findings demonstrate the sheer scale of the dangers faced by small firms every day in the digital arena.

'The issue of business crime is overlooked too often – even more so of late in this climate of sustained political uncertainty and inaction. Meaningful steps must be taken to safeguard our small firms, and by extension the wider economy. More small firms are waking up to the threat of cybercrime. It's a threat that's evolving rapidly, but too many small businesses still lack access to the resources and budgets needed to contain it.' 

Phishing attempts are the most frequent type of attack, followed by malware, fraudulent payment requests and ransomware. Despite the frequency of attacks, over a third of small firms have not yet installed security software, and almost half do not regularly update software.

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.