Over Half of SMEs Have Experienced a Cybersecurity Breach

Around 50 % (51%) of SME companies and self-employed staff in the UK have skilled a cybersecurity breach, according to a new study by insurance policy agency Markel Direct.

The findings were taken from a survey of 1000 SME corporations and self-employed men and women in the UK, underlining fears that these companies are at specifically superior risk of cyber-attacks owing to absence of means and cybersecurity abilities. This issue has been exacerbated by the electronic change through COVID-19.

The most frequent attack techniques confronted by these businesses had been malware/virus similar (24%), data breaches (16%) and phishing attacks (15%). A lot more than two-thirds (68%) of respondents said the cost of breaches they expert was up to £5000.

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The examine also analyzed the extent of cybersecurity steps that are in area for SMEs and the self-utilized. Practically 9 in 10 (88%) respondents explained they had at least one particular form of cybersecurity, such as antivirus program, firewalls or multifactor authentication, and 70% said they were being pretty confident or exceptionally self-confident in their cybersecurity preparations.

Of these companies and folks, 53% experienced antivirus/malware application in put, and 48% had invested in firewalls and protected networks. In addition, approximately a third (31%) uncovered they executed risk assessments and internal/exterior audits on a month-to-month foundation.

Worryingly, 11% of respondents mentioned they would not devote any money on cybersecurity actions, viewing them as “unnecessary prices.”

Rob Rees, director of immediate and partnerships from Markel Direct, commented: “Cyber-attacks on the premier organizations are frequently headline news, specially in thing to consider of some of the big breaches that have transpired above the final several several years to very well-recognised organizations and local authorities. Even so, SMEs and the self-used are also at risk, and the consequences can be devastating to smaller sized firms that may well not be able to recuperate from the economical impact of a cyber-breach or shedding the trust of their customers.

“Cyber-criminals often concentrate on the self-employed and SMEs, as they absence the means that big organizations have to invest in cybersecurity. SMEs and the self-employed who come to be targets of a cyber-attack can stop up dealing with money and operational repercussions, of which some may never ever recuperate from.”