Cyber crime – just what is the true cost to businesses?

Is it me or does there seem to be a huge amount of statistics in the public domain in recent weeks surrounding cyber crime? This clearly demonstrates the huge importance of this, very topical, issue.

The true cost of cyber crime has been estimated in the region of £300-£400 billion a year. A truly staggering sum which, quite understandably, is difficult for the director of a UK-based SME to comprehend. Additionally, according to statistics produced by the UK Government, 93% of large corporations and 76% of small businesses suffered a cyber attack of some form in 2012.

Cyber crime has become such a concern that businesses are starting to hold cyber security risks in the same regard as more ‘traditional’ insurance risks such as a fire or flood. The insurance market has reacted to the need for this important protection and a number of the UK’s leading firms provide cyber insurance policies underwritten by technology specialists.

Macbeth is a specialist Chartered Insurance Broker in this fast developing area with a team of experts that have been advising clients on their cyber and data risks for almost 10 years. If you would like further information on the protection available to your business, call us on 0118 9165 480 or 020 7036 8767. Alternatively, please complete an enquiry form.


Author: Tony Gibbs | November 2nd, 2013

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Tony Gibbs
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767