Research from insurance company, Hiscox, has found that a greater proportion of UK companies have reported incidents of cyber-attacks this year compared to 2018. Of the companies surveyed 55% had been a victim, up from 40% last year, and the average financial cost of data breaches also increased. Out of seven countries involved in the survey, which included France, Germany and Spain, British businesses had the lowest budgets for cyber-security. Hiscox reported that many businesses do not spend money on protecting themselves as they falsely believe they are not at risk of attack.
Even small businesses can become a target so no matter the size of the business, it is important to have measures in place to mitigate the risk of cyber-attacks. This includes having up-to-date security software, encrypted emails, multi-factor authentication and patch management, as well as training staff to recognise cyber-threats. It is also advisable to have an incident response plan in place to limit the damaged caused should the systems be compromised.