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13 June 2016

Northern Ireland Cyber Crime cost unfairly carried by small businesses - FSB

DESPITE figures revealing cyber crimes costs businesses in Northern Ireland £2 million a year, the cost to small business remains understated claims FSB.

Responding to the figures launched yesterday by Get Safe Online and Action Fraud, FSB highlighted the findings of their report launched last week entitled; Cyber Resilience: How to protect small firms in the digital economy, which revealed that small businesses across the UK are unfairly carrying the cost of cyber crime, as they are collectively attacked seven million times per year. 

FSB Northern Ireland Policy Chair Wilfred Mitchell said:   “The true cost of cybercrime upon businesses in Northern Ireland is almost certainly more than £2 million and has a disproportionate impact on small businesses.  FSB research consistently highlights that the majority of small business owners do not report crimes, including cybercrimes, due to lack of confidence at the issue being resolved.”

Research published nationally, last week, by FSB reveals that cyber crime costs nearly every small business victim an average of £3000.00, with the average small business being a victim of cyber-crime four times every two years. 

Mr Mitchell continued: “Cyber crime costs small businesses disproportionately more than big businesses when adjusted for organisational size. Furthermore, smaller businesses have limited resources, time and expertise to deal with ever-evolving and increasing digital attacks. We’re calling on Government, larger businesses, individuals and providers to take part in a joint effort to tackle cyber crime and improve business resilience. 

“FSB urges small business owners to report any cyber threats to the PSNI and to utilise Cyber Information Sharing Platform (CISP), to enable more details to aid investigations into catching the perpetrators who are repeatedly attacking businesses, of all sizes. This is a valuable resource and the provision of better information to businesses about current cyber threats through an expanded CISP is important.” 

FSB recommends that an expanded CISP would come under the remit of the National Cyber Security Centre with compulsory participation for all large and medium sized businesses with increased participation of the small business population.

 

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