Cyber crime is the modern-day equivalent of highway robbery. For businesses it can spell short term turmoil and have long-lasting and devastating consequences on the bottom line and on an organisation’s reputation.
The recent proposed fines by the Information Commissioner of £183.4 million on British Airways and and £99 million on Marriott Hotels for failing to adequately protect their customers’ data, show that the consequences of a cyber attack cannot be under-stated, particularly since the advent of GDPR last year, which dramatically increased the fines businesses can face.
Businesses of all sizes therefore need to be aware of the ever-present and increasing risk of cyber-attack. New research by Grant Thornton estimates that in the last 12 months, the total cost of cyber security breaches to UK mid-market businesses alone has reached at least £30 billion.
We believe that mid-market companies are particularly vulnerable as they’re less likely to implement best-in-class cyber security than larger companies, or to require their suppliers to do the same. Nevertheless, they have a level of resources that makes them an attractive target, and a network of…
