New research from the Federation of small businesses (FSB) has revealed small businesses lose around £785m a year as they fall victim to fraud and online crime.
Over the past 12 months, 41% of FSB members have been a victim of cybercrime, with the damage adding up to around £4,000 per business.
Around three in ten have been a victim of fraud, 13% of which was by a customer or client, and 10% of which was ‘card not present’ fraud.
Viru infections were revealed as the most common online threat, with 20% of small businesses saying they had been a victim in the last 12 months. A further 8% said they had been a victim of hacking and 5% had suffered a security breach.
In response to the results, the FSB has developed ten tips for small businesses to stay safe online.
Launching the report, Mike Cherry of the FSB said: “Cyber crime poses a real and growing threat for small firms and it isn’t something that should be ignored. Many businesses will be taking steps to protect themselves but the cost of crime can act as a barrier to growth. I encourage small firms to look at the ten top tips we have developed to make sure they are doing all they can.”