New data shows true cost of a cyber breach to a UK Business is over £43k
The cyber security and GDPR compliance platform, Naq Cyber, has published new data highlighting the true cost of a cyber breach to UK Businesses and the devasting impact it can cause. The average total is more than £43k and this includes legal fees, GDPR fines, downtime and time spent resolving the situation, expert fees to fix the vulnerability and further consultancy.
The total cost varies from £18,350 – £69,250 depending on the organisation size but even the lowest amount would be fatal for nearly 1 in 6 small businesses. Once the breach is resolved businesses will need to ensure they don’t have a repeat occurrence which may mean further costs including additional software and staff training.
Naq Cyber has launched a one stop platform for small businesses to easily manage their cyber security and legal compliance, essentially a small business information security officer and all for the affordable price of £1,450 annually. The service gives small business owners complete peace of mind and ensures their businesses, client data and employees are safe and compliant.
The cyber security experts are urging UK business leaders to consider the cyber security implications of every key business decision as millions of businesses are being targeted and are extremely vulnerable to breaches. Thousands more businesses have moved online since the pandemic started and as the hybrid working model is set to become the ‘new normal’ this means cyber security is more important to the UK economy and workforce than ever before.
A recent report showed that 92% of UK businesses have experienced a cyberattack in the last 12 months, with over two-thirds (72%) successfully breached at least once. These attacks can be fatal for businesses as they have all become more reliant than ever on tech solutions to manage almost every aspects of their business.
Nadia Kadhim, GDPR Lawyer and CEO at Naq Cyber added, “It is critical that businesses start taking cyber security seriously as so many are completely reliant on technology to support almost every process and function in their company. Every new business decision should consider the cyber security implications as any additional software or tech solution could leave the business and employees vulnerable.”
