Sheffield businesses ill prepared to the threat of cyber crime according to local broker research

13th November 2013

Many SME firms in Sheffield say that they are unaware of the threat of cyber crime towards their business and that very few have any protection in place to combat being the victim of a data hack.

 This is according to latest research carried out by Sheffield insurance broker IFM. The research of IFM's business clients revealed that over 65% were unaware of the threat which cyber crime posed to their business. Worryingly only 10% of businesses interviewed thought they had adequate protection against a cyber attack. What's more, research from the Federation of Small Businesses (FSB) also shows that cyber crime costs its members around £785 million per year as they fall victim to fraud and online crime. The report shows that 41 per cent of FSB members have been a victim of cyber crime in the last 12 months, putting the average cost at around £4,000 per business. The report found that almost 20 per cent of members have not taken any steps to protect themselves from a cyber crime. The research from IFM coincides with the launch of its CyberEdge product, which has been designed to protect Sheffield businesses against the growing threat of cyber crime. Next year the European Commission is planning to draft new laws on cyber security that could introduce a requirement for EU businesses to report when their -essential systems, including the internet, have been disrupted due to -cyber incidents. The new legislation is likely to add more financial burden to UK businesses. Mark Barlow, Managing Director of IFM Insurance Brokers said, -Cyber crime is a growing threat to all businesses in Sheffield and the tactics employed by hackers are becoming more sophisticated. So local firms should evaluate their IT security and protection requirements to ensure they remain secure. Our CyberEdge product is also available to help combat cyber crime and the reputational damage it can cause. It could also make the difference from a firm posting a profit or loss or even going out of business.