83% of SMEs haven’t set aside funds for dealing with a data breach

An InsuranceBee survey released this week revealed the extent to which SMEs (small and medium-sized enterprises) are unprepared for cyber attacks.

The average cost for a SME to recover from a cyber attack is about £90,000, but 83% of the survey’s respondents said they didn’t have any money reserved to recover from a data breach, and a quarter were unaware that it would cost money to put things right.

When, not if

The problem isn’t that organisations don’t have the resources to prepare for a cyber attack; it’s that they don’t think it’s necessary. More than half (52%) of respondents thought it was unlikely that their organisation would be the victim of a cyber attack, and 6% were confident that it would never happen.

Let us be clear: your organisation will be breached. More often than not, cyber criminals target vulnerabilities rather than specific organisations, meaning your susceptibility has nothing to do with your size or reputation and everything to do with your level of security. Even the most robust system will be breached eventually, because there are simply too many risks – and a constant flow of cyber crooks looking to exploit them.

This makes cyber security all the more important. Effective defences can prevent the majority of attacks and help you prepare for the breaches.

Are you #BreachReady?

The good news, according to InsuranceBee, is that things are getting better. A quarter of respondents accepted that cyber attacks were a matter of “when, not if”, and said they were planning to do more to prevent breaches.

Anyone looking for advice on how they can improve their cyber security measures should take a look at our #BreachReady campaign. It provides a step-by-step guide to mitigating the damage of data breaches, and helps you find the right tools and services to complete each step.

Make sure your organisation is #BreachReady >>