Nearly Half Of All Businesses Have No Protection

Security threats are constantly evolving as cyber criminals become more sophisticated at targeting valuable commercial and organisational resources. In the UK a small business is successfully hacked every 19 seconds and Statista estimate that the average cost of global data breaches in 2020 is $3.86 billion, or about £2.96 billion.

A data breach can have far-reaching consequences, causing financial losses and affecting an organisation’s operations and compliance in the short term. Furthermore, a major breach in the headlines can potentially damage reputation for years to come, leading to lost business and a competitive disadvantage.

IBM's annual Cost of a Data Breach Report is  based on quantitative analysis of 524 recent breaches across 17 geographies and 17 industries and offers exceptional insights and benchmarks to help organisations improve security posture and mitigate financial and brand damages. The 2020 resport has some shockinng findings:-

  • Nearly half (45%) of businesses have not taken any action to protect themselves from cybervattacks.
  • More than three-quarters (79%) of the businesses that have taken no action with protection believe that because their firm is small, the threat of cyber-attacks is lower.

The insurance firm NFU Mutual’s recent research which specialises in small businesses and small farm customers has found that, despite the high number of businesses that taken no measures to protect themselves:-

  • Just 55% of businesses have employed at least one cyber security measure.
  • Less than a quarter (24%) had organised more than one mode of protection.
  • Nearly half (47%) feel more vulnerable since working from home.
  • Under a quarter (21%) did not understand the protection that is available to their business.
  • 16% believed that their business’s IT supplier looks after their cyber security needs. 

“It’s common for smaller businesses to assume their size makes them less of a target, but no business, regardless of size, is safe from cyber-attack.....With cyber threats growing in sophistication, we want to help businesses understand the dangers, as well as the protection measures available to them.” said Zoe Knight of NFU Mutual, 

Cyber crime is constantly increasing year by year meaning that cyber security technology and practices must evolve at a fast rate to keep up.  All organisations should regularly perform a Cyber Audit and establish their cyber security and employee knowledge and training requirements.

 IBM:        Insurance Times:     ITPro:       iLounge:

For a cost effective briefing on your organisation’s cyber security and training needs please contact Cyber Security Intelligence and we will recommend the right economic cyber training and cyber policy for your particular organisation. 

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