SMEs failing to guard against cyber attacks, Government warns

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.telegraph.co.uk/finance/businessclub/11430701/SMEs-failing-to-guard-against-cyber-attacks-Government-warns.html

Small and medium-sized companies are putting a third of their revenue at
risk because they are falling for some of the common misconceptions around
cyber security, a new report claims.

A quarter of small businesses think that cyber security is too expensive to
implement and a fifth admit they “don’t know where to start”.

This leaves firms vulnerable to losing valuable data and suffering both
financial and reputational damage, according to the Government’s Cyber
Streetwise campaign, which questioned 1,000 SMEs.

A government spokesperson said many small companies are becoming much more
dependent on web-based tools. However, they are failing to put in place
simple procedures. Officials advise companies to start by using strong
passwords, keeping software up to date and deleting suspicious emails.

“Businesses can do more to understand and respond to cyber threats,” said
Ed Vaizey, the minister for culture and the digital economy.

“There are some simple steps firms can take to protect themselves, their
cash flow and their data. Small and medium-sized firms are a key part of
our long-term economic plan to back business, create jobs and secure a
brighter future for Britain.”

The Cyber Streetwise campaign was launched last year, with the aim of
changing the way people view online safety.

The Government says several misconceptions still exist, including many
bosses mistakenly assuming that only companies taking payments online are
at risk of cyber crime and that small companies aren’t a target for hackers.

A third of small businesses suffered a cyber attack from someone outside
their business last year. The average cost of a major security breach is
between £65,000 and £115,000 and can result in a business being put out of
action for up to 10 days, government figures estimate.

The firms questioned estimated that this could account for a third of their
total revenue for the year.

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