|A cost that increases even faster than house prices in London|
The average cost of the most severe online security breaches for big business now starts at £1.46m – up from £600,000 in 2014, according to government research. For 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 25% in 2014. And 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.