A Vodafone Business report reveals UK SMEs lose £3.4bn annually because of poor cyber security, with over 30% lacking any security measures. The average cost of a cyber attack for small businesses is approximately £3,400, rising to £5,000 for larger organizations. The report highlights challenges SMEs face, including limited budgets and lack of security training for employees. Vodafone emphasizes the need for collaboration among businesses and government to improve cyber defences and protect sensitive data in a increasingly connected world.
SMEs are losing £3.4bn annually due to poor cyber security measures, with many lacking protections and being frequently targeted by cybercriminals.
The average cost of a cyber attack for small businesses is around £3,400, escalating to £5,000 for companies with more than 50 employees.
Cyber threats are becoming more sophisticated, and SMEs are increasingly in the crosshairs of cybercriminals. Investing in robust cyber security is a business imperative for protecting sensitive data.
SMEs cannot tackle cyber security challenges alone. Greater collaboration between businesses, industry leaders, and government authorities is essential to strengthening cyber defences.
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