Every day, 65,000 cyberattacks are launched against small and medium-sized businesses in the UK. This is according to a new report from global recruiter Robert Walters and data provider Vacancysoft.
The report states that criminals are successful in 4,500 of these instances and, on average, businesses lose $3.26 million per incident.
Analyzing exactly how SMBs lose money following cybersecurity incidents, the report asserts that almost half of consumers are likely to avoid purchasing services from a company that has suffered a breach.
Cybersecurity issues are particularly pressing at present, according to Robert Walters, with almost all businesses shifting towards digital channels.
In May 2020 alone, ecommerce transactions grew by 168 percent and currently represent 27.5 percent of total retail sales for the year. Digital retail is expected to account for 32.1 percent of all sales by 2024.
“For e-commerce, the pace at which the sector grew during Covid-19 raises questions as to whether their cyber security has been up to par with the sharp increase in traffic to online sites,” said Darius Goodarzi, Principal - Information Security and IT Risk at Robert Walters.
“With consumers being hyper-sensitive about their personal information in a rapidly evolving digital world, e-commerce sites cannot afford to lose the trust of customers in what is becoming a very competitive space.”