Cost of cyber breaches to middle market businesses quadruples
The average cost of cyber breaches affecting medium sized businesses has quadrupled in the last two years, according to the latest government survey.
The Cyber Security Breaches Survey 2018 carried out by Ipsos MORI on behalf of the Department for Culture, Media and Sport, found that the estimated total cost of cyber breaches has consistently increased from £1,860 in 2016 to £3,070 in 2017 and £8,180 in 2018 – even when including breaches that do not result in lost assets or data. This represents an increase of over 400 per cent in just two years.
In instances where breaches do result in a material loss of assets or data, the impacts can be much higher – on average £16,100 for medium sized businesses and £22,300 for large businesses.