Cyber risk is the risk of an incident resulting from the use of computers and the internet: the loss or theft of personal data, the theft of trade secrets and commercially sensitive information, business interruption, intellectual property infringement, physical damage, personal injury, defamation and extortion.
Despite the possibly appalling financial consequences of a cyber incident, cyber risk management is often neglected by SMEs in both the US and the UK because it is frequently perceived to be only partially relevant, complex and inevitably expensive to deal with.
In fact, according to government statistics in the UK:
- A third of small businesses suffered a cyber attack from someone outside their business in 2014.
- The average cost of a major security breach is between £65,000 and £115,000 and can result in a business being put out of action for up to 10 days
Click here to read the full article authored by BLM partner and cyber specialist, Nick Gibbons. The article has been published in SME Web.