A recent survey by Avast shows that a significant percentage of UK small and medium-sized businesses (SMBs) have been targeted by ransomware in the past year. The survey found that over a quarter (26%) of British SMBs have been affected by ransomware, with nearly half (47%) of those who were compromised paying the attackers. Additionally, 68% of respondents said they are more concerned about being targeted by cyberattacks since the start of the war in Ukraine.
The data also revealed that ransomware attacks could significantly impact SMBs. 41% of those affected by ransomware lost data, and 34% lost access to devices. Given that SMBs make up over 99% of private sector businesses in the UK, it's clear that cyber threats are becoming a significant business risk. Nearly half (48%) of respondents ranked cyber threats as one of the most significant risks they currently face, compared to 66% who cited financial risks stemming from rising operational costs.
In light of these findings, many SMBs are taking steps to protect themselves by investing in cyber insurance. Additionally, more respondents cited cyber threats as a top risk than physical security (35%) and supply chain disruptions (33%).
You can find out how to protect your SMB & stay up to date with the latest news & threats by signing up for free membership with the East Midlands Cyber Resilience Centre: Sign up here!