Speaking at the CBI Cyber Security Conference, Fell says: “Getting cyber security right is critical for modern businesses, whatever their sector or size.
“Awareness of this critical business risk has risen in recent years, especially as the number of prominent cyber hacks hitting the headlines has sharply increased.
“Unfortunately, even as awareness in the business community has increased, with a small uptick in action, there is still a disconnect between awareness and action – especially for our high growth small and medium sized businesses, who are at just as much at risk as global brands.
“Nearly all businesses suffer cyber-attacks – 81 per cent of large businesses suffered a security breach last year alone, with the figure for small businesses at 60 per cent.
“Whilst the number of these attacks is going down, as hackers have become more sophisticated and targeted, the cost of these attacks almost doubled last year.
“That puts the average cost for large businesses between £600,000 and £1.15 million and for small businesses between £65,000 and £115,000.
“Like any other large scale threat to your company, the issue of effective cyber security should be firmly on the agenda of the board.
“Yet only about half of large businesses and a third of small businesses have adequate insurance cover for their online assets in the event of a breach.
“As the nature of liability changes in the digital age, businesses will need to rethink the assurances they have in place to mitigate financial loss.”
Source: Business Reporter