UK SMEs not wary enough of cyber-attack risk

Small business within the UK are not aware of how exposed they are to the risk of a cyber-attack, according to an underwriter at Lloyd’s.

Lloyd’s underwriter Geoff White suggested many of these business believe they are too small to be considered for a cyber-attack.

The comments were made following the news from The Federation of Small Businesses about how small business are the target of 7 million attacks per year.

White said: “Many UK businesses are not aware of how exposed they are, believing they are too small or have nothing worth stealing to be a victim of a cyber-attack. However, technology is so fundamental to how businesses run that cyber is a risk regardless of size or industry. This research highlights that shocking reality.

“There’s no such thing as perfect cyber security, and with the introduction of the new EU regulations small businesses will be financially impacted. We know it’s now a matter of ‘when, not if’ a company suffers a cyber-attack or breach, but they shouldn’t be company-ending events.”

He continued: “Businesses should look into a wide protection, including cyber insurance, to protect their balance sheet and help get them back on their feet.”