Response to consultation on unauthorised access to online accounts

Cybercrime continues to be a prevalent issue and has only been further exacerbated by the increasing number of businesses moving online during the pandemic. Our research shows that one in five of small businesses report that  they have been a victim of cybercrime over the prior two years, with 43% suffering three or more incidents  during that time. The cost of cybercrime is also significant, with an average business affected suffering a loss of £7,093. With the latest FSB Small Business Index figures revealing that rising costs continue to affect the vast majority of small firms (89%), with nearly two in five seeing cost increases of more than 10%, now more than ever a cyberattack could be extremely damaging for the business.

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