Small businesses across the UK are losing £3.4 billion a year thanks to inadequate cybersecurity measures, according to new research.
Cyber attacks against SMBs have surged in recent years, analysis from Vodafone Business shows, with more than a third experiencing a cyber incident last year alone.
Meanwhile, 28% had between one and five attempted attacks, and 6% were targeted up to 10 times.
Phishing is still the most prevalent form of cyber attack, the study found, with 70% of firms experiencing attempts to steal sensitive information through email, SMS, phone, or social media.
Ransomware, meanwhile, is hitting nearly a quarter of businesses, and Distributed Denial of Service (DDoS) attacks are impacting one-in-five.
The study highlighted the huge financial impact on small businesses hit by cyber attacks. A single attack costs a small business an average of £3,398, rising to £5,001 for businesses with 50 or more employees.
Notably, more than one-quarter (28%) of SMBs said a single attack could put them out of business.
“SMEs are the backbone of our economy, yet they are losing a staggering £3.4 billion annually due to inadequate cybersecurity,” said Nick Gliddon, CEO of Vodafone Business UK.
“In today’s rapidly evolving digital landscape, cyber threats are becoming more sophisticated, and SMEs are increasingly in the crosshairs of cyber criminals.”
SMBs need to shake up cybersecurity practices
Despite the security risks faced by SMBs, Vodafone’s research found a concerning number aren’t taking the measures they should. Nearly one-third have no cybersecurity protections in place at all, and almost four-in-ten invest less than £100 a year in security.
Meanwhile, they’re taking bigger risks compared to larger enterprise counterparts, with more than half of small business employees having received no cybersecurity training.
Six-in-ten SMBs allow employees to use their own IT equipment when working from home, and a fifth of remote workers have been targeted by cyber criminals.
Source: IT Pro