CMI Blog

Cybercrime is Taking Nearly £150 Billion from UK

cybercrime_uk_economy_it_support_companies.jpgCybercrime is a constantly evolving threat that most businesses are acutely aware of, however have not set aside adequate resources to protect against.  When it comes down to making hard budgetary choices, such as cutting staff or going another year without a proper cybercrime strategy, many businesses choose the latter.

It is not just “other” businesses that are targeted however.  It is every business, large or small. A recent report by the National Crime Agency suggests up to 1.8 million companies in the UK were subject to security breaches in 2015. Moreover, hacking is on the rise, increasing 9% from 2014-2015 amongst large businesses and 14% amongst smaller organisations.  Cyberattacks cost the average small business as much as £311,000 in 2015—more than double what it was it in 2014.

Gareth Bacon, a GLA Conservative London Assembly Member aptly said, "Data is the true currency of modern society and hackers are making a mint because companies are leaving the metaphorical door unlocked.”

Indeed—hackers are getting better and more creative with cyberattacks, but the larger problem is businesses are doing nothing about defending against it. As a result, it is costing the UK economy £147 billion a year, with businesses in London losing £36 billion, according to the report.

There is help though. Last year, England’s first specialist centre dedicated to helping small and medium sized businesses protect themselves from cyber criminals has opened in central London—the London Digital Security Centre. The LDSC brings together experts from policing, technology and business to provide clear, accessible digital security advice and support to London’s SMEs, which employ over two million people across the capital and make up almost 50% of its business turnover. The centre provides the latest cyber industry guidance through its website, roadshows and advice surgeries where businesses can have an expert security assessment done to identify vulnerabilities. 

Another option is to hire an expert IT support company that specialises in cyber security.  The benefit of hiring an IT support company is that your business won’t need to dedicate in-house time and resource to this ever-evolving danger.  An expert IT company will automatically provide your business with patches, updates and the latest software releases, as well as continually monitor your network for vulnerabilities.  Most good IT support companies will offer you a digital footprint report, identifying how at risk your business is—a good place to start if you are unsure what to do next.

A third option, and a viable one for large companies, is to hire a cyber security team in-house.  Larger organisations (500+ employees) require cyber security that is integrated and monitored with all other elements of their complex IT infrastructure—constantly.  Changing things quickly is paramount, as is understanding the minutiae of all systems, processes and software.  In-house cyber security professionals are best positioned to do this.

Most of us would probably agree it is a fascinating time for technology and business; but it is also a scary one if you aren’t adequately protected.  You wouldn’t go rock climbing without a helmet, just like you wouldn’t go for a run around London without shoes. Some equipment is simply a necessity.  And unfortunately these days, cyber defence is absolutely a necessity.

 


About BTA

BTA is an expert IT support company providing managed IT services to businesses across the UK for over 20 years.  As a trusted partner for businesses looking to ensure they are adequately protected and prepared for cybercrime, BTA has helped clients of all sizes ensure that they are not victim of a cyber attack.  For more information, request a call back or email enquiries@bta.com

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Duane Godwin

Duane is Bertie the Robot's father. Need we say more.