Being one of the companies “powered up” by the NatWest Business Accelerator their last communication had a great article with the above title. We were particularly drawn to the sections regarding data breach. Our take aways from the article…
(Quote from Experian) the UK government estimates that a data breach costs SMEs an average of £310,000.
According to the Small Business Reputation and the Cyber Risk report, 89% of SMEs that have suffered a data breach say it has had an impact on their reputation.
The survey of 1,000 small businesses and 1,000 consumers carried out in the UK revealed that 23% cited cyber security as one of their top concerns.
Of those companies suffering a breach, 31% said the attack caused damage to their brand while 30% said it caused a loss of clients. Over a quarter (26%) found the breach also resulted in customer delays, with 93% saying the attack had stymied the business’s ability to function.
The UK Data Processing Act (2018) requires that a serious breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data should be reported to the ICO. Over and above the actual costs of such a data breach (see above) will be fines from the ICO.
Compliance Compendium does not provide software to prevent a breach but will soon provide a reporting and management tool for when a breach has happened.
©Compliance Compendium Ltd 2018