Over 50,000 UK SMEs Could Collapse Following Cyber-Attack

guest · Aug 27, 2019

Over 50,000 UK SMEs Could Collapse Following Cyber-Attack
August 27, 2019
https://www.infosecurity-magazine.com/news/over-50000-uk-smes-could-collapse

Tens of thousands of UK SMEs could collapse following a serious cyber-incident which impacts their ability to trade, according to new research from Gallagher.
The insurance and risk management giant polled 1120 senior decision makers from UK firms with up to 250 employees, in order to better understand the cyber-threat.

It found that 1.4 million businesses were hit by major attacks last year, costing them a combined £8.8bn. Nearly a quarter (24%) of firms were affected by one of these “crisis” incidents — a 5% increase on the previous year.
However, the impact of an attack could be far more serious than being forced to pay a few thousand pounds in related costs.

Paul Bassett, managing director of crisis management at Gallagher, argued that the heavily service-oriented UK economy, where 99% of private sector firms are SMEs, is dangerously exposed to cyber-attacks and data breaches.
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Over 50,000 UK SMEs Could Collapse Following Cyber-Attack

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