1 in 6 (16%) small businesses have fallen victim to a cyber-attack in the last 12 months, according to research from insurance company Zurich.

Of 1,087 business owners polled for Zurich’s SME Risk Index, 21% said cybercrime cost them over £10,000 and 11% said it cost more than £50,000.

SMEs in London were the worst affected, with 23% of respondents reporting security breaches over the last 12 months.

Around half (49%) of small and medium-sized enterprises plan to spend less than £1,000 to combat cybersecurity in the next 12 months.

In addition, 25% of SMEs had been asked by customers what security measures they have in place.

Paul Tombs, head of SME proposition at Zurich, said: 

“While recent cyber-attacks highlighted the importance of cybersecurity for some of the world’s biggest companies, it’s important to remember that small and medium-sized businesses need to protect themselves too.

“The results suggest SMEs are not yet heeding the warnings provided by large attacks on global businesses.

“There is an opportunity for businesses with the correct safeguards and procedures in place to leverage this as a strength and gain an advantage

.”

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