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Government urges business to take action as cost of cyber security breaches Subject: Subject: Data protection
Source: GOV.UK

The average cost of the most severe online security breaches for big business now starts at £1.46 million, up from £600,000 in 2014, according to government research published today (2 June 2015) to raise awareness of the growing cyber threat.

The Information Security Breaches Survey shows the rising costs of malicious software attacks and staff-related breaches and illustrates the need for companies to take action. For small and medium sized businesses (SMEs), the most severe breaches cost can now reach as high as £310,800, up from £115,000 in 2014,

However, more firms are taking action to tackle the cyber threat, with a third of organisations now using the government’s ‘Ten Steps to Cyber Security’ guidance, up from a quarter in 2014. And nearly half (49%) of all organisations have achieved a ‘Cyber Essentials’ badge to protect themselves from common internet threats, or plan to get one in the next year.

The Information Security Breaches Survey is carried out annually by the government and PwC. The government’s cyber security guidance and support for businesses, includes:

*  ‘Cyber Essentials’, a new government-backed and industry supported scheme to help businesses protect themselves against cyber threats. The scheme provides businesses of all sizes with clear information on good basic cyber security practice to protect against the most common cyber threats.

*  Small Businesses: What You Need To Know About Cyber Security - practical guidance for small businesses on how to put simple cyber security measures in place. It explains the cyber threat and how small businesses can ensure they are protected.

* Free online information security training course for SMEs: ‘Responsible for Information’     - is a free e-learning course for staff in micro, small and medium-sized enterprises. It helps employees and business owners understand information security and associated risks, and provides good practice examples and an introduction to protection against fraud and cyber crime.


* Cyber Security Innovation Vouchers  - Innovation Vouchers provide £5,000 for SMEs to engage external experts to gain new knowledge to help the business innovate, develop and grow. Firms can use the vouchers for advice towards protecting and growing their business by having good cyber security. A specific cyber security Innovation Voucher is under discussion.


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