February 25, 2024
Approx 1 min read

The cost of cyber security breaches on small businesses

Written by
Nadia Kadhim

Hackers are no longer just focusing on larger companies. According to Hiscox, small businesses that fell victim to a cyber-attack incurred losses ranging from £7,000 to an eye-watering £186,000  in a trend expected to continue throughout 2021. But what kind of costs make up these numbers?

While many companies report on the total cost of a cyber attack, these numbers can often end up looking overwhelming, particularly for small businesses. When a cyber attack hits your company, what are the expenses you need to budget for and to whom are you paying these costs? We’ve put together this breakdown to show you exactly how these costs add up using a business of 10 employees as an example.

This blog forms part of our small business cybersecurity series. Take a look at our 7 cybersecurity best practices for small businesses and get quick, actionable advice on how to begin protecting your business today.

Responding to the incident:

The majority of the costs associated with a cyber attack will be made up of dealing with the attack itself. These include any business downtime, particularly if your business operates primarily online, consultants to advise on what to do next and the expense of fixing any vulnerabilities as quickly as possible.