A new survey has revealed that the smallest SMEs are the least concerned when it comes to the risk of cyber attacks.
This puts them at a disadvantage and at more risk due to their nonchalant attitude towards cyber exposure.
Business risks
The research, compiled by Aviva, found that while 36% of businesses rank cyber as their most significant risk (more than any other insurable risk), just 20% of micro firms (with less than 10 employees) felt it was their biggest risk.
Other business risks highlighted include:
- Business interruption (cited by 30%)
- Reputational damage (27%)
- Fraud (26%)
- Regulatory change (26%)
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Attackers don’t care about size
Currently, the cost of a cyber insurance claim from an SME is £60,000.
Cyber attacks can often result in temporary and, in some cases, permanent closure of a business.
Caspar Stops, Cyber Underwriting Manager, Aviva, commented, “Cyber attacks on UK businesses are rising, with small firms increasingly targeted. While many companies are improving their own cyber defences, recent high-profile breaches often begin with vulnerabilities in third-party vendors or supply chains.
“As businesses become more digitised and interconnected, it’s challenging to monitor the security perimeter beyond their own walls. Attackers don’t care about size, they seek opportunity – meaning that unprepared organisations, regardless of size – are most at risk.”
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