Nearly a million UK SMEs hit by cyber-attacks

British businesses are being bombarded with cyber-security threats, a new report has claimed.

The past 12 months saw more than 875,000 small and medium-sized businesses nationwide being hit by at least one cyber-attack, according to the latest Zurich SME Risk Index - equivalent to 16 per cent of all UK SMEs.

London was the worst hit, with almost a quarter (23 per cent) of SMEs in the capital reporting they’ve suffered at least one attack in the last 12 months.

Just above a fifth (21 per cent) said that the breach had cost them at least £10,000. For a tenth (11 per cent), it cost more than £50,000.

The report then goes on saying that almost half (49 per cent) of SMEs will be spending £1,000 or less on cybersecurity in the next 12 months. A quarter (22 per cent) don’t even know how much they’ll spend.

A quarter said their customers asked them about their cyber-security measures.

“While recent cyber-attacks have highlighted the importance of cyber security for some of the world’s biggest companies, it’s important to remember that small and medium sized businesses need to protect themselves too. The results suggest that SMEs are not yet heeding the warnings provided by large attacks on global businesses.

“While the rate of attacks on SMEs is troubling, it also shows that there is an opportunity for businesses with the correct safeguards and procedures in place to leverage this as a strength and gain an advantage.”

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