UK SME business decision-makers estimate they’d be forced to stop trading for an average of four days following a cyberattack.
For businesses that had experienced a breach in the past, the research found the economic loss of being offline for this time was estimated at £123,984. For SMEs that have not been victims of a cyberattack, they calculated the loss to be £39,633 – more than a substantial 68 per cent lower.
With a difference of almost £85,000 (£84,351), SMEs who have avoided attacks to date are drastically underestimating the financial implications of malware, bots and phishing.
What’s more, a sixth (16 per cent) of businesses surveyed don't think a cyberattack would cause their business to close.
The research also found a confidence disparity between smaller businesses and more established organisations. The longer a business has been running, the less likely they think a cyberattack would cause business closure. 25 per cent of businesses which have been running for 20 years or more believe a cyberattack wouldn’t shut them down compared to just 11 per cent of those 1-20 years old.
Stacey Hill, director, small business group, Sky Business, said, “The risk of cyberattacks is increasing for UK businesses. A fifth of SMEs we spoke to have already fallen victim, and research shows this figure will rapidly rise.
“With those previously attacked SMEs estimating average losses of nearly £31,000 for each day they are forced to close, cybersecurity must be at the top of the business agenda. A vigilant defence starts with secure connectivity, and small businesses must safeguard this to protect their revenue.
“Cybersecure connectivity should not be complicated. Easily accessible solutions that enable always on protection are crucial so SMEs can mitigate the risk of unauthorised threats.”
Sky Business said its SecurityEdge solution blocked over 73 million malware, phishing and bot attacks in the past year. When SMEs are using connectivity equipped with Sky Business’ SecurityEdge cyber protection, any device connected to their network will be protected.