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BizReport : Internet : March 06, 2017

Cybersecurity adoption increasing fastest among small businesses

Research published this week by Beaming reveals that UK firms suffered cybersecurity breaches last year at a cost of more than $35 billion, with larger businesses more likely to fall victim.

by Helen Leggatt

The research, conducted by Opinium for business ISP Beaming, found that more than half (52%) of businesses in the UK fell victim to cybercrime in 2016. Such breaches cost UK businesses £29.1 billion (US$35.8 billion).

The most common types of cybercrime were phishing and viruses, both of which were found to have impacted 23% of the businesses surveyed, while data breaches or hacks affected 18%.


Beaming's research also reveals that larger businesses were more likely to fall victim to cybercrime. While less than a third (31%) of businesses with 10 employees or less fell victim last year, that figure rises to 71% among businesses with 250 employees or more.

Furthermore, adoption of new cybersecurity technologies increased the fastest among smaller businesses in 2016. In addition, more than half a million British businesses took out cyber insurance policies for the first time in the last 12 months.

"Large organisations are more likely to become a victim of cybercrime due to being more valuable targets and because employees are often the weakest link in the cybersecurity chain," said Sonia Blizzard, managing director of Beaming. "They are also more resilient as they have resources to aid their recovery. Successful cyberattacks on smaller businesses are less frequent, but cause disproportionately more harm. It is encouraging that small businesses are taking the threat more seriously and investing in their cyber defenses, as a single attack could potentially break them."

According to Beaming's research, 1 in 5 (19%) of UK companies are now covered for losses associated with cyber security breaches and data theft. That's a significant rise on the 11.1% reported by Marsh two years ago.

Tags: cybercrime, cybersecurity, trends, UK

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