SMEs more susceptible to cyber-attacks

(2 minutes to read)

The annual cost of cyber-attacks to the small business community is estimated to be £4.5 billion, with the average cost of an individual attack put at £1,300.

Latest data has shown that smaller sized businesses are collectively subject to almost 10,000 cyber-attacks a day.

The Federation of Small Businesses (FSB) report revealed that one in five (20%) small firms say a cyber-attack has been committed against their business in the two years to January 2019. More than seven million individual attacks are reported over the same period, equating to 9,741 incidents a day.

Worrying, one in three small firms (35%) say they have not installed security software over the past two years. Four in ten (40%) do not regularly update software, and a similar proportion do not back up data and IT systems. Fewer than half (47%) have a strict password policy for devices.

FSB Policy & Advocacy Chairman Martin McTague, said, “These findings demonstrate the sheer scale of the dangers faced by small firms every day in the digital arena.

“The issue of business crime is overlooked too often – even more so of late in this climate of sustained political uncertainty and inaction. Meaningful steps must be taken to safeguard our small firms, and by extension the wider economy.”

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He added, “More small firms are waking up to the threat of cybercrime. It’s a threat that’s evolving rapidly, but too many small businesses still lack access to the resources and budgets needed to contain it.

“The Government should be doing more to tackle this scourge by enhancing the current policing response – including investing more in cyber upskilling for police personnel as part of its wider recruitment push.

“There’s also a discussion to be had about whether tackling cyber threats should be handled entirely by specialists at the regional or national level, rather than local constabularies, building on the work of the National Crime Agency.

“Banks also have a role to play. They should be building in as much resilience as possible into banking and payments systems, and made liable for the losses of business – not just consumer – customers when they fall victim to cyber-crime.

“Software providers could also be doing more. Government should be prepared to step-in and require automatic patching and updates to be the default option for all software products.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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