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Cybersecurity – breaches reach highest ever level

25 April 2013

On 23 April 2013, the Government published guidance on cyber-security for small businesses.

The guidance explains what cyber-security risks are, and outlines how businesses can plan, implement and review their cybersecurity.

According to a recent survey by PwC, the threat of security breaches is at its highest ever level, with 87% of small businesses and 93% of large businesses experiencing a security breach in the last year. The average cost to a small business of its worst security breach was between £35k-£65k; whereas the figure for large businesses was between £450k-£850k. These costs were made up of regulatory fines and compensation, lost assets (including IP), lost business and cash spent to recover and remediate.

These figures, combined with the cost of reputational damage, show just how critical careful cybersecurity planning and management really is.

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