A new study by insurance firm Market Direct has found that more than half of self-employed workers and small and medium-sized enterprises (SMEs) in the UK have experienced a breach of their cybersecurity.
The survey polled 1,000 SMEs and self-employed workers in the UK and found that 51 per cent had experienced a breach. The results highlight widespread concerns that a lack of necessary expertise and resources may make smaller organisations and self-employed individuals especially vulnerable to cyberattacks.
The responses showed that 88 per cent of those polled had some form of cybersecurity in place, with 70 per cent saying they were either fairly or extremely confident in their cybersecurity processes. 53 per cent had malware or antivirus software and 48 per cent utilised secure networks and firewalls. 31 per cent, meanwhile, said they conducted monthly risk assessments and audits.
However, 11 per cent said they did not invest in any cybersecurity arrangements, citing it as an “unnecessary” expense, despite more than half of respondents reporting some form of breach. 24 per cent of those experienced a malware or virus attack, 16 per cent suffered a data breach and 15 per cent were targeted in a phishing attack.
Overall, 68 per cent of SMEs and self-employed individuals that had suffered a cybersecurity breach reported that the cost to their business was up to £5,000.
Commenting on the survey’s findings, Market Direct’s Director of Direct and Partnerships Rob Rees said: “Cyberattacks on the largest corporations are often headline news, especially in consideration of some of the major breaches that have happened over the last few years to well-known businesses and local authorities.”
“However,” Rees added, “SMEs and the self-employed are also at risk and the consequences can be devastating to smaller businesses that may not be able to recover from the financial impact of a cyber-breach or losing the trust of their customers.”
“Cyber-criminals often target the self-employed and SMEs as they lack the resources that large businesses have to invest in cybersecurity. SMEs and the self-employed who become targets of a cyber-attack can end up facing financial and operational consequences, of which some may never recover from.”
