Many businesses 'underestimate the risk' involved with cybercrime, report finds | WDM

Follow us on Twitter

Many businesses ‘underestimate the risk’ involved with cybercrime, report finds

A large proportion of small and medium-sized enterprises (SMEs) and the general public ‘underestimate the threat of cybercrime’, a new report from the government’s Cyber Aware Campaign has found.

The report suggested that the average cost of a cybersecurity breach for a small business is £1,570, increasing to £19,600 for a larger business.

The report also identifies three ‘main myths’ in relation to cybercrime:

1. Cybercrime isn’t something an individual needs to be concerned about
2. Cybercrime isn’t a ‘real’ crime
3. There is nothing an individual can do to protect themselves.

It suggested that many businesses feel ‘powerless’ to safeguard against cyber threats. The report also revealed that consumers believe it is up to a business to prevent cybercrime.

In response to the report, the government is encouraging businesses and individuals to safeguard themselves. Businesses are advised to use a strong password for their email account; install any security updates on computers and mobile devices; and ensure that essential data is backed up to a computer or to cloud technology.

Commenting on the matter, Ben Wallace, Minister for Security and Economic Crime, said: ‘Cybercrime has been identified as one of the biggest criminal threats to British business and I am determined to help our businesses disrupt this illegal activity and protect the public.

‘Raising cyber awareness is important if we are to take advantage of investment in capability currently taking place by both the public and private sector.’

7 Questions you must ask an accountant
How To Grow your business by 46.4% - Special Free Whitepaper
To get the free whitepaper, simply enter your name and e-mail address below and click the ‘Get FREE Whitepaper’ button. You will receive an email shortly with your FREE Whitepaper pdf from our team...

Fields marked with an * are required

By submitting this form you agree to receive information via email newsletters about products and services from WDMCA which we think may interest you. You can opt out of receiving these newsletters by clicking the unsubscribe link in newsletters we send.

Download our FREE iPhone app


From the opening of our store to the eventual sale of four stores seventeen years later, WDM have provided invaluable assistance all the way along. They are more than just an accountant to us and we couldn’t speak highly enough of them.

Pat McKenna – McDonalds Franchisee
Sign up to our newsletter
Oakfield House, 378 Brandon Street, Motherwell ML1 1XA        t: 01698 250 251        f: 01698 250 261