“Cyber crime will restrict business growth and in the worst cases put firms out of business. This will inevitably impact of the financial growth of the whole country,” said Mr Adams-Mercer who is the founder TheSnugg.com – an international retailer of high-quality iPad and SmartPhone covers.
“We are constantly being told that the police service is facing cuts and some of these cuts are in cyber protection units. We need to be told what services they can provide in the future because the threats from cyber criminals will increase.
Cyber fraud can irreparably damage an SME’s reputation, which in turn can impact on its growth. At the moment, it appears that the issue of cyber security is also relatively low on the boardroom agenda, with over half of leaders saying that other matters always seem more urgent.
1. The Cloud Is Not Immune
An old quote attributable to bank robber Willie Sutton is that he robs banks because that’s where the money is. So it goes for data. As more data migrates to the cloud, targeting that data will increase.
Editor's Note: The following post comes to us from Paul A. Ferrillo, counsel at Weil, Gotshal & Manges LLP specializing in complex securities and business litigation, and is based on a Weil Alert authored by Mr.
NEW YORK — Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a US$45-million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say.
National small business organisation, the Forum of Private Business, is urging small firms to make sure they put adequate measures in place to protect themselves against this ever-growing threat.
Jo Eccles, business adviser at the Forum of Private Business, says: “Recent research suggests that cyber crime costs small businesses around £800 million every year with little chance of recovery, while telephone hacking can cost as much as £30,000 over just a two-day period, making it all the more important to ensure your businesses is protected.