Did you know that the world economy loses more than £1 trillion to cyber crime every year and the estimated cost of a data breach is around £337,000.
Some scary figures right? But as a South West based SME you might be thinking it will never happen to me. Hopefully it won’t, but the truth is SMEs are specifically targeted by cyber criminals because they’re perceived as more vulnerable, less prepared and lacking in the necessary skills and expertise to defend their business networks. Most SMEs don’t have in house IT resources and might not even have a regular cyber security focused IT partner and this leaves their data very vulnerable.
It’s not just the financial loss that business owners worry about though, it’s also the damage to their reputation that could be as a result of a breach where personal information they hold is lost, stolen or worse still sold on the dark web. You’d potentially need to explain this type of breach to your customers and other members of the public and that would effect levels of trust and your perceived competence.
So basically, it really is best to do all you can to prevent an attack and prepare your business to respond correctly should one ever take place.
Thankfully, preparing your business for common cyber-attacks, like phishing or ransomware is not as overwhelming as you might expect, with some simple steps your data and reputation can be sufficiently protected.