Cyber crime hitting UK small business

Small businesses thinking of making the move to accept payments from customers via the internet need to seek advice before doing so, according to Tony Neate, managing director of Get Safe Online.

Research taken by the organisation reveals that 44 per cent of small businesses in the UK have been a victim of cybercrime, including internet scams, identity fraud, phishing and data theft. Of those businesses affected, more than a third (36 per cent) had suffered a computer virus and almost one in five (18 per cent) had been a victim of internet scams such as phishing, spyware or hacking in the last two years.

In such an environment, Mr Neate said that as soon as your company is responsible for handling other people's confidential information, then new rules and regulations come in to play.

He reveals that there are now regulations that have been brought in by the credit card companies, and small business outfits probably need to have a look at those because they will likely be imposed on them as a result of taking credit card details.

The message is that if you are not an expert in relation to computers and computer security and you have your own e-commerce site or server, then you need to get advice. Furthermore, if you are taking people's credit card details and transacting online, make sure you have listened to the correct advice.

However, Get Safe Online reveals only five per cent of small businesses have access to dedicated IT support, either internally or via an outsourced provider. Instead, many business owners have to take it upon themselves to keep up with the latest online security issues. Of those who had experienced online crime or other IT-related problems, almost a fifth (19 per cent) said they lost revenue as a result of downtime - the average figure cited as £1,540 – or an estimated £750 million in losses across the UK small business population as a whole.

Furthermore 60 per cent of small businesses said they would grind to a halt altogether if their PCs were taken down by cybercrime or IT related issues.

While businesses must look at access control, data encryption and secure password practices, as well as looking at other measures such as staff training, it's also important to remember that by taking a few simple precautions should mean that online risks needn't overshadow the huge benefits that the internet brings to UK businesses.

Disclaimer:
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

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