Skip to main content
Helping your business to Start, Grow and Develop.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

SMEs "in denial" about cost of a cyber attack

25 September 2017

SMEs "in denial" about cost of a cyber attackThree-quarters of UK small businesses have not set aside any budget to deal with the aftermath of a cyber attack and even those that have underestimate the potential costs.

A new report by PolicyBee, The Business of Cyber Recovery, reveals that most small businesses in the UK are not prepared for the financial costs of dealing with a cyber attack. The average cost, it says, is £26,000 per small business.

Of 500 small businesses polled, just 19% have put aside budget to deal with the repercussions of a cyber attack. Of those that have ring-fenced some funds, many are too IT-focused and have not considered the impact on other areas of their business, according to the report.

Businesses are aware that they may need to replace software and hardware after an attack; however there are a host of other potential costs that they are less aware of, including:

  • Hiring a legal expert;
  • The cost of being sued by a customer for loss of their data;
  • Hiring a PR or social media expert to manage reputational damage;
  • The cost of being fined by a regulator;
  • The loss of earnings during the attack;
  • The cost of extortion or being held to ransom.

Sarah Adams, cyber insurance expert, who commissioned the study for PolicyBee, said: "SMEs really need to get past this mental barrier that cyber attacks can be fixed in the server room - they can't. It takes a whole business to plan ahead, practise for and react to a cyber issue, if you want to come through it unscathed.

"Cyber attacks are not just an IT problem as they could impact sales, customer relations, reputation and a business's bottom line - especially if there are legal ramifications or regulator fines."

The survey also shows that in the event of a cyber attack, a third of SMEs believe they'll be able to pass the associated costs on to their third-party IT support provider.

"It is almost impossible to entirely defend a business against a tenacious cyber attack, and most IT experts will have wording to that effect built into their contracts," said Adams. "And in the event of an attack, most SMEs will be focused on getting their business back on its feet - their priority will certainly not be suing their IT firm."

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.

Contact us

Make an enquiry