Cyber crime a ‘major headache’ for small firms

Nearly a quarter of small to medium-sized firms are worried about the possibility of cyber crime, according to a new survey reported by Growing Business.

Published by small business insurance specialist Hiscox, the research found that small firms are troubled by risks such as identity theft, data theft and critical damage to computer equipment.

Cyber crime has long been a major risk for UK firms. In October 2009, a survey from the Federation of Small Businesses revealed that online theft and fraud cost the average British small business £800 a year.

Furthermore, figures from last year suggest that cyber crime can cost a small company as much as £20,000.

According to Hiscox SME insurance expert John Heaney, it is vital that companies must protect themselves against the possibility of data theft.

Heaney said: “SMEs should also consider their online assets and how to protect them. Given the importance of data to businesses it is essential that SMEs have strategies in place to mitigate online risks.

“Data is currency, and while the internet has made it much easier to access information it has also increased cyber risks such as hacker attacks and electronic ID theft. SMEs need to think beyond securing the building and put in place robust online security measures.”

Dominic Jones

I'm a proud father, husband, huge James Bond fan, lover of fast cars and prolific buyer of technology gadgets. I started my first business when I was 21, learning the harsh way how to become successful. Through hard work, dedicating myself to learning and persistent focus I created one of the fastest growing computer services businesses in the UK.