Despite the increase of cyber attacks on small to medium sized companies, spend on security does not seems to be a priority.
Small and medium-sized businesses are not earmarking significant amounts of cash to bolster their cyber-security defenses, despite almost one-sixth of all companies suffering an attack within the last year. According to data compiled by insurance company Zurich, 875,000 SMEs across the UK have been affected by a cyber-attack over the last 12 months, with firms in London worst affected. Of the companies hit, just over a fifth reported that it cost them more than £10,000 and one in 10 said that it had cost them more than £50,000. But despite those potential losses, a survey of over 1,000 UK SMEs also showed almost half – or 49 per cent – admitted that they plan to spend £1,000 or less on their cyber defenses in the next 12 months, while 22% said that they don’t know how much they will spend.