Cyber security: SMEs more vulnerable than ever to cyber crime

In 2013, according to the Federation of Small Businesses, 41 per cent of small firms fell prey to cyber criminals, with another 10 per cent hit by online fraud and 20 per cent affected by a computer virus.

With this in mind, it is no surprise that businesses have never been as vulnerable to cyber attacks and online fraud as they are at present. A recent study from Kaspersky Lab revealed that 82 per cent of companies with fewer than 10 staff believe they are ‘too small’ to be a target for cyber fraud or do not have anything worth stealing. The survey revealed that 40 per cent would struggle to recover some of their lost data, while 25 per cent said they wouldn’t be able to recover any at all.

Robert Blackburn, director of the small business research centre at Kingston University, said: ‘With 4.7 million micro businesses in the UK, this is an issue that affects the bedrock of the economy. This is also important because most of these micro firms interact with larger companies and form part of the wider economic ecosystem.’ …

Click on the link below to read the rest of the IBB Solicitors briefing.

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