Story image

UK SMBs estimate average cost of cyberattack more than £730,000

02 Aug 2017

A new report has revealed many small-to-medium sized businesses (SMBs) in the UK are operating under a false sense of security.

The evolving cybersecurity landscape of 2017 thus far has presented SMBs with a host of new threats to their clients, data and bottom line.

While the traditional attacks like phishing and malware are still prominent, new tactics like ransomware are making it more lucrative than ever to be a cybercriminal.

A study commissioned by Webroot of IT decision makers (ITDMs) at SMBs in the US, UK and Australia evaluated the current security concerns and strategies around the world and just how they’re adapting to keep pace with this barrage of new cyber threats.

There is certainly no shortage of awareness, as a whopping 96 percent of SMBs with 100 to 499 employees believe their organisations will be susceptible their organisation will be susceptible to external cybersecurity threats this year.

However while they do recognise the growing threats, most (71 percent) still admit not being ready to address them.

Despite this, UK SMB ITDMs estimated the average cost of a cyberattack where their customer records or critical business data were stolen at an eye-watering £737,677 ($579,099 in the US and AU$1,893,363 in Australia).

“This study illustrates the general lack of preparedness for security around the globe. Small- to medium-sized businesses face just as many threats as larger ones, but are often at a disadvantage because of their lack of resources,” says Webroot vice president of worldwide business sales, Charlie Tomeo.

“Given the recent spate of ransomware attacks, it is crucial for these companies to shore up their security and lean on the expertise of an MSP for a solution to combat threats from multiple vectors.”

Other key global findings include:

  • ITDMs are most worries about new forms of malware infections (56 percent), mobile attacjs (48 percent) and phishing attacks (47 percent)
  • Almost two thirds believe it would be harder to restore their company’s public image than employee trust and morale
  • 94 percent of ITDMs intend to increase their annual IT security budget this year compared to 2016
  • One fifth of businesses have in-house employees whose responsibilities include IT security support, while only 23 percent have a dedicated in-house IT security professional or team
  • 90 percent believe outsourcing IT solutions would protect their organisations and increase their bandwidth to address other areas of their business
  • Of those who don’t currently outsource IT security support, 80 percent will likely use a third-party cybersecurity provider in 2017 – presenting a great opportunity for managed security providers
Secureworks Magic Quadrant Leader for Security Services
This is the 11th time Secureworks has been positioned as a Leader in the Gartner Magic Quadrant for Managed Security Services, Worldwide.
Google puts Huawei on the Android naughty list
Google has apparently suspended Huawei’s licence to use the full Android platform, according to media reports.
Using data science to improve threat prevention
With a large amount of good quality data and strong algorithms, companies can develop highly effective protective measures.
General staff don’t get tech jargon - expert says time to ditch it
There's a serious gap between IT pros and general staff, and this expert says it's on the people in IT to bridge it.
ZombieLoad: Another batch of flaws affect Intel chips
“This flaw can be weaponised in highly targeted attacks that would normally require system-wide privileges or a complete subversion of the operating system."
Forget endpoints—it’s time to secure people instead
Security used to be much simpler: employees would log in to their PC at the beginning of the working day and log off at the end. That PC wasn’t going anywhere, as it was way too heavy to lug around.
DimData: Fear finally setting in amongst vulnerable orgs
New data ranking the ‘cybermaturity’ of organisations reveals the most commonly targeted sectors are also the most prepared to deal with the ever-evolving threat landscape.
ExtraHop’s new partner program for enterprise security
New accreditations and partner portal enable channel partners to fast-track their expertise and build their security businesses.