Significant number of small firms experienced a cyber-attack in last year, data reveals

Data published by insurer Hiscox has revealed that 61% of UK small firms have experienced a debilitating cyber-attack in the last year.

27 Jun 2019

Data published by insurer Hiscox has revealed that 61% of UK small firms have experienced a debilitating cyber-attack in the last year.

According to Hiscox, Belgian businesses are the most likely to be targeted, and US businesses the least likely.

The data found that the cost of dealing with a cyber-attack has risen considerably for many small businesses. Hiscox suggested that attackers are increasingly shifting their attention from large firms to small and medium-sized enterprises (SMEs).

Two-thirds of small businesses stated that they are planning on increasing their spending on cyber security by 5% or more in the upcoming year.

Commenting on the issue, Gareth Wharton, Cyber CEO, said: 'The old adage 'prevention is better than cure' springs to mind, and being aware of these threats is half the battle. From our experience... business email accounts being compromised is currently the main cause of cyber claims, followed by ransomware.'

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Lawrence Grant

We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Prosure Solutions (per W R Berkley , and IGI), 34 Lime St, London EC3M 7AT (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & lawyers.