The total cost of cyber security breaches reaches billions

Cyber risk must be “part of every organization’s culture”

Cyber attacks on UK businesses reached record levels with increases most notable in smaller businesses, according to a government report.

The study of 1,402 companies commissioned by the Department for Business, Innovation & Skills and conducted by PricewaterhouseCoopers found that and 87% of small businesses (those with fewer than 50 staff) experienced a security breach in the last year.

This represents an increase of almost 10% since the last survey when the number of attacks to small businesses stood at 76%.

By contrast, 93% of large businesses suffered an attack in the last year.

Criminals, hacktivists and competitors were the perpetrators of the majority of security breaches in large businesses. 78% of big businesses were attacked by an unauthorised outsider in the last year – up from 73%.

Small businesses also experienced an increase in attacks from outside criminals rising from 41% to 63% in the last year.

Overall, the total cost of cyber security breaches are in the billions. The worst security breach will cost small businesses an average of £35,000 to £65,000 and large businesses £450,000 to £850,000.