Cyber security breaches hit UK microbusinesses to the tune of an estimated £166m
GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, today reveals that GoDaddy research shows that over a third (34%) of UK microbusinesses in the last year have been hit by cyber security incidents, costing them an estimated £166m collectively.
Almost a quarter (24%) of the small firms impacted by cyber-crime reported they had suffered financial losses as a result, with many (21%) losing £1,000 or more. In addition, nearly half of those surveyed said they had experienced website downtime, with 25% seeing their sites offline for between three and seven days, and 14% saying the downtime lasted for over a week./
Meanwhile, a fifth of businesses who said they have fallen victim to fraud worry that their reputation has been negatively impacted. These concerns ring true as supporting consumer research commissioned by GoDaddy finds that 15% of customers surveyed said that they would stop shopping with a business if it experienced a security breach. The research highlights that London-based consumers are the most concerned, with 21% agreeing they would not shop with the business again.
To help protect against cyber security threats, GoDaddy offers its customers easy-to-use tools to help protect their websites. The package plans help to protect against attacks, fix malware issues and securely backup with one-click restore functionalities. GoDaddy also offers Express Malware Removal, for websites that have become subject to external malware hacks.
Ben Law, head of GoDaddy UK and Ireland, said: “No business, regardless of its size, is entirely safe from the risk of security threats, but those smaller in size arguably have more to lose. For microbusinesses, the financial and reputational damage can be even more impactful, so the key is in preparation and protection. With the right tools and solutions in place, it’s possible to further protect your online business and company and customer data.”
“Our Website Security tool and SSL Certificates are designed to help microbusinesses protect their websites, and the transmission of data, as well as to help safeguard against service issues associated with security threats. GoDaddy provides all the tools that help businesses succeed online, and our Website Security products are a critical part of that support.”
GoDaddy’s study among small business owners also found that 59% do not have website protection for their website, and a further 26% report to having neither bought nor researched website protection and security solutions.
Almost half (47%) of consumers said a security incident would negatively impact their likelihood to buy from the retailer again.
Over two fifths (41%) of consumers agree that their opinion of the brand would diminish, no matter how large and well-known the retailer was (59%). A quarter (23%) would even go as far as warning off family and friends from buying from the retailer.
