News & Events

Cyber breaches cost businesses £50 billion last year

Cyber security

60% of small to medium sized businesses experienced a cyber breach last year. Is your company protected?

Share this page on:

Cyber breaches are becoming increasingly prevalent, hardly a week passes without another attack making the news headlines.

In today’s wired world practically every aspect of your business is exposed, with cyber breaches costing businesses a whopping total of £50 billion last year. The most likely target is your client or employee data, along with your corporate information – so you owe it to your clients, staff and as well as your company’s reputation to reduce the risk.

Common perception has it that only large financial institutions and online retailers are at risk from cyber breaches, but unfortunately this is not the case. Data privacy breaches on small to medium sized businesses are a hacker’s sweet spot, with breaches costing between £65,000 and £115,000 per attack – and they are on the rise.

Such costs would vastly impact your bottom line, so incorporating cyber cover into your insurances is a smart financial step to take.

Don’t wait for a breach to befall your business, get in touch today to see how we can help you.Capturedf

Unlike more common risk exposures, breaches can occur internally from an employee making a simple mistake, or halfway around the world from a professional cybercriminal.

Our simple checklist that every business can use to determine their current level of defence against a cyber breach is below. If your current defence is lacking, then Square Mile Broking can advise the options available to help you bridge any gaps.

Many companies are unaware that specialist cyber insurance policies are available to offset potential financial and reputational loss; or mistakenly believe they already have cover in place.

We offer access to specialist global data privacy experts, as well as a range of risk management tools, breach scenarios and best practice advice.

Square Mile Broking are able to negotiate bespoke cover based on your business and your specific needs