2/3 micro & small business hit by cybercrime

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Small businesses hit hardest by £17bn cybercrime bill in 2018

Small businesses in the UK bore the brunt of £17 billion worth of cyber attacks in 2018, according to our new research.

 Almost two thirds of UK companies employing between 10 and 49 people – the equivalent of 130,000 businesses nationwide – fell victim to some form of cybercrime last year.

The average cost of cyber attacks on small businesses amounted to £65,000 per victim in damaged assets, financial penalties and business downtime. This puts the total bill of cybercrime across all UK small businesses in 2018 at an estimated £13.6 billion.

Beaming’s annual survey of business leaders, which was conducted by the research consultancy Opinium, indicates that a third (33 percent) of UK companies fell victim to cybercrime in 2018. While malicious phishing emails claimed the greatest number of victims (25 percent of firms), ransomware attacks were the most financially damaging, costing victims £21,000 each on average.

Although the trend for large businesses to fall victim at the highest rate continued, with seven in every 10 companies of more than 250 people being hit, the rate at which small companies succumbed to cybercriminals reached its highest level since Beaming started surveying business leaders in 2016.

63 percent of small businesses reported being a victim of cybercrime in 2018, up from 47 percent of small businesses in 2017 and 55 percent in 2016. The proportion of small business victims exceeded that of medium sized organisations (61 percent) for the first time in 2018.

‘Cyber criminals don’t care how big your business is, everyone is a potential victim and the cost of an attack can be devastating. ’
Sonia Blizzard, managing director of Beaming

Sonia Blizzard, managing director of Beaming, comments: “Our research shows that cyber criminals don’t care how big your business is, everyone is a potential victim and the cost of an attack can be devastating. Larger businesses fall victim at the greatest rate because they have more people and more potential sources of vulnerability. However, they also tend to have multiple layers of protection in place to limit the spread of an attack and are able to recover more quickly after one.”

“Small businesses are trusting more data to the cloud and accessing it from lots of locations. This provides greater flexibility and efficiencies, but also adds to the importance of ensuring data is held and transported securely. A specialist ISP can help here by managing a network with the security of business traffic in mind, assisting with the implementation of additional security measures such as managed firewalls and provide advice to clients to enhance the protection on offer. When choosing cloud products, businesses should ensure they have the right connectivity to go with it.”

Everything you need to know about spoof, spam & phishing emails

Cybercrime Research Data

TOTAL VOLUME & COST OF CYBER ATTACKS ON UK BUSINESSES IN 2018

All

 

Micro

1-9 employees

Small

10-49

Medium

50-249

Large

250+

Victims Cost Victims Cost Victims Cost Victims Cost Victims Cost
Cryptojacking 18k £1.6bn 14k £1.3bn 2k £361m 1k £5m
Data breach 109k £1.6bn 88k £334m 17k £1.2bn 3k £20m 1k £19m
Denial of service 94k £1.4bn 71k £14m 20k £1.3bn 2k £72m 1k £101m
Hacking 177k £1.7bn 144k £28m 26k £1.2bn 5k £453m 2k £19m
IoT hacking 46k £1.4bn 28k £60m 14k £1.3bn 2k £19m 1k £23m
Malware 556k £2.0bn 510k £136m 35k £1.4bn 9k £470m 2k £40m
Password attacks 193k £1.6bn 158k £21m 29k £1.2bn 4k £401m 1k £33m
Phishing 1.41m £1.9bn 1.35m £68m 55k £1.3bn 9k £470m 2k £113m
Ransomware 150k £3.2bn 131k £14m 14k £2.3bn 4k £762m 1k £94m
Social engineering 162k £1.3bn 130k £29m 26k £1.2bn 5k £58m 1k £31m
Total 1.88m £17.8bn 1.72m £705m 130k £13.6bn 21k £3.1bn 5k £479m

PROPORTION OF VICTIMS & AVERAGE COST OF CYBER ATTACKS IN 2018

  All

 

Micro

1-9 employees

Small

10-49

Medium

50-249

Large

250+

  Victims Ave. Cost Victims Ave. Cost Victims Ave. Cost Victims Ave. Cost Victims Ave. Cost
Cryptojacking <1% £92,495 0% 7% £86,850 7% £151,450 10% £7,654
Data breach 2% £14,753 2% £3,817 8% £71,417 8% £6,917 19% £13,712
Denial of service 2% £15,315 1% £200 10% £61,929 6% £37,813 15% £94,025
Hacking 3% £9,539 3% £196 13% £45,667 15% £86,432 21% £12,804
IoT hacking 1% £30,635 1% £2,125 7% £91,250 7% £8,100 17% £18,859
Malware 10% £3,683 9% £266 17% £40,458 27% £51,908 34% £16,326
Password attacks 3% £8,530 3% £134 14% £41,175 13% £93,333 17% £27,076
Phishing 25% £1,347 25% £50 26% £22,842 27% £51,895 29% £52,531
Ransomware 3% £20,993 2% £108 7% £158,500 11% £199,813 12% £110,172
Social engineering 3% £8,119 2% £223 13% £46,139 15% £11,000 13% £34,162
Total 33% £3,134 32% £409 63% £65,313 61% £91,169 73% £65,789

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