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Double trouble - cost of Cyber Security breaches doubles

Double trouble - cost of Cyber Security breaches doubles

A report showing how the cost of cyber security breaches has doubled since last year is discussed by Natalie Ruane.

Whilst the number of cyber security breaches appears to be slowly reducing,  a recently published report showed that the cost of cyber security breaches to businesses has doubled (in particular to small –medium sized businesses (SMEs)).  

99% of all large companies has suffered from a security breach with 74% of SMEs closely behind with the cost ranging from £75,000 to a huge £310,800 for the worst breaches.  By investing in the right cyber security it can not only protect but strengthen your business. For instance, customers may feel that their details are more secure and safe and use your business as a result, or if you were to go on to sell your business, digital security breaches can have a negative impact on the value of your business. In addition it allows you to focus on growing and improving your business knowing that you won’t have to spend valuable time and money on remedying any breaches.

To help businesses the Government has released 10 steps to improve a business’s cyber security. This can be seen here.

The Government is also keen for businesses to gain the ‘Cyber Essential Badge’ which is an accreditation given where a certain level of cyber security is attained through the Cyber Essential Scheme. This is an ideal starting point to assess your own business’s level of security and any pitfalls it may have. More information on 'cyber essentials' can be found here.

About the author

Natalie Ruane profile photo

Natalie Ruane

Natalie is a Partner and leads the Employment Law & HR team and specialises in education.

Published: Friday 14th August 2015
Categorised: Information Law

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