The Federation of Small Businesses is the UK’s largest campaigning pressure group promoting and protecting the interests of the self-employed and owners of small firms. Formed in 1974, it now has around 200,000 members nationally, 5,000 of those in Greater Manchester and north Cheshire.
Simon Edmondson, FSB Regional Chairman, writes…
Cyber security – we might think we know what it is, but how many small business owners are truly prepared to repel an attack?
I use the word ‘attack’ purposefully because when cyber criminals strike an attack is exactly what it is.
Here come the scary stats for readers to mull over: the UK Government’s National Security Strategy estimated that cyber crime costs the UK economy a £27 billion a year.
Fraud is now overwhelmingly found to be committed online, with the National Fraud Intelligence Bureau stating that more than 70 per cent of the reports they receive regarding fraud are internet enabled frauds.
A cyber attack costs, on average, £4,000 for every small business to repair the damage done. That figure does not necessarily include longer-term damage to reputation and other intangible losses, such as future revenues foregone.
Whatever the numbers, the overwhelming message has to be the potential damage to a small business that can result from cyber hack attack. It can be substantial and it should top most small business owner’s analysis of potential threats to their business.
Perhaps the most alarming statistic of them all is that 60 per cent of businesses have in the past 12 months been victims of fraud or cyber crime. However, the true extent is actually likely to be far higher, as many businesses cover up attacks for fear of reputational damage.
The common belief among small business owners is that cyber attackers target larger organisations and institutions. This is simply wrong.
The facts are small firms are much more likely to suffer a cyber assault than their larger counterparts. Big firms can afford sophisticated software and defences, not to mention teams of ‘techies’ to prevent those with hostile intentions.
Knowing this, hackers deliberately search out easier targets, much like a domestic house burglar will look for properties without an alarm on the wall.
However, the good news is some fairly simple steps can make your business far less likely to fall victim. The government has created the following website: www.cyberstreetwise.com which includes a special section for businesses.
It’s simple but effective advice. Just having simple safeguards in place could well save you a fortune as like the traditional burglar who avoids houses with alarms, cyber thieves prefer to pick on those who have no defences.
If you make just one New Year’s resolution this month, make it looking in to your cyber security.
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