South Yorkshire firms remain at risk as the threat of cyber crime increases

16th November 2023

Advice against cyber crime

South Yorkshire firms remain at risk as the threat of cyber crime increases

Many SMEs in Sheffield could be unaware of the threat of cyber crime towards their business and many may have no protection in place to combat being the victim of a data hack.

This is according to Sheffield Insurance Broker IFM, and follows government data, which revealed there were approximately 2.39m instances of cyber crime across all UK businesses in the 12-month period leading up to April 2023. What’s more, the average annual cost of cyber crime for businesses is estimated at £15,300 per victim.

Research undertaken in April 2021 by insurer Aviva, found that only 2 of micro SMEs have insurance against cyber attacks, leaving 98 underprepared for the consequences of such an attack. Micro SMEs are businesses with up to nine employees and £1m turnover and which account for 95 of UK businesses.

Mark Barlow, Managing Director at IFM Insurance Brokers said, “Cyber crime is a growing threat to all businesses in South Yorkshire and the tactics employed by hackers are becoming more sophisticated.  Local firms should therefore evaluate their IT security and protection requirements to ensure they remain secure.  The insurance industry offers a range of solutions to help SMEs combat the threat of cyber hackers so business owners should contact their local broker who can offer advice”.