• Home /
• BCM News and Events /
• BCM news /
• Small firms 'worried about cyber crime threat'

Small firms 'worried about cyber crime threat'

03 February 2011

The risk of cyber crime and electronic data being stolen worries 22 per cent of small and medium-sized enterprises (SMEs), new figures show.

According to data from Hiscox, particular concerns among SMEs include the theft of confidential information, hacking and internet identity fraud.

In its report, the firm points out Government estimates suggest the worst IT security incidents cost small businesses between £10,000 and £20,000 a year.

John Heaney, SME Insurance Expert at Hiscox, stated: "Data is currency and while the internet has made it much easier to access information it has also increased cyber risks such as hacker attacks and electronic ID theft."

In addition, the company found 75 per cent of respondents do not feel their office premises are secure against theft, with the number worried they will be targeted by burglars growing during the economic downturn.

The Information Commissioner's Office is responsible in the UK for monitoring data protection and privacy issues and can impose fines for breaches of legislation.

Read more about ICT standards