Fraud, Fraud, Fraud! What’s The Cost To Your Business?
A lot more than you may think ...
Posted by Pritesh Ganatra on 24/09/2024 @ 8:00AM
Did you know that small and medium-sized enterprises (SMEs) account for 99.9% of the businesses in the UK? At the start of 2023, there were estimated to be 5.6 million private-sector businesses ...
What do hackers, fraudsters and scammers hope to gain then? The main thing is simply 'theft of money'!
Over 1.4 million (26%) businesses had employees and 4.1 million (74%) did not employ anyone aside from the owners. Cybercrime costs them a huge amount according to one recent report.
"Search for information on the growth of cyberattacks and you'll get a massive shock!"
There will be many results that say cyberattacks are a significant threat to businesses in the United Kingdom, regardless of industry and size. It's terrifying that of all the cyberattacks in the UK so far in 2024, over 50% of the reports were from SMEs.
The average cyberattack cost to a UK business was £10,830, and so far in 2024, 84% of these attacks came from email and SMS phishing attempts. Ransomware attacks are rising significantly too.
"So, do you now see how important robust cybersecurity is?"
With an estimated average loss of just over £10K, would your business survive and be sustainable after that type of loss? Email phishing is still the number one way scammers try to defraud you. There are an estimated 200 million scam emails sent to UK-based email addresses - each and every day - and even as a conservative estimate, 50% of them target businesses. That is a whopping great number.
What do hackers, fraudsters and scammers hope to gain then? The main thing is simply 'theft of money', either directly from you or by selling the data they take from you. Imagine your customer database being sold on the dark web, with all their credit/debit card details included? The damage to your reputation would be devastating to your business.
"In short, get professional help and make sure you have robust systems in place for where and how you store your data!"
Implement the best external email security filter subscription possible and, most of all, get an external company to perform penetration tests on your systems. A reputable IT company should be employed to implement staff training courses to increase their awareness of the potential losses a company can face.
Spending a few thousand pounds may seem a lot, but what is the cost of not having great IT systems in place with the right level of protection.
Until next time ...
PRITESH GANATRA
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about cyberattack fraud and how you can protect your business, it may be a great idea to give me a call on 01604 926100 or take a look at my website which you can find by clicking here.
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