The cost of cyber crime and ransomware on SMEs

According to recent reports conducted by Insurance firm Marsh and the Cabinet Office, cyber crime remains one of the most significant risks UK businesses face each year.SCS_BPI_CYBERSEC2_300x300

80% of large businesses and 60% of small businesses suffered a cyber security related breach in 2014, with the average cost of breaches nearly doubling since 2013.

From giants such as Sony to fresh start-ups, everyone is at risk, and SMEs are no exception. Hackers want your information, and the fact your company could go under if you’re hacked isn’t going to deter them.

Cyber attackers specialise in extortions and ransomware, a type of malware that is a particular threat to SMEs. This sees companies being locked out of their network until a ransom is paid to unlock encrypted information. These threats can cost thousands and thousands of pounds and potentially destroy companies.

The usual cause of this is an employee opening a cleverly disguised email containing a link. When the link is clicked, the ransomware infects the entire company network within seconds. Be sure that your employees have the correct email training from day one so that they can spot and delete dangerous emails before they are opened.

If you leave yourself open to a ransomware attack then you’re in dangerous territory. There are lots of ways to avoid losing everything, but perhaps the most obvious is to keep your security software up to date. This should build a wall around your data, shielding it from hackers. We also recommend keeping copies of your data securely backed up externally.

If you’d like more information on protecting your business from cyber attacks, give us a call. Our team of highly skilled technicians can help you safe guard your business and provide expert advice.

(Source: HM Government)