The importance of cyber security for start-up businesses

If you are starting up a new business, cyber security is probably low on your list of priorities. But recent studies have suggested that data breaches among small firms are on the rise – and a costly cyber-attack is the last thing you need shortly after you have just got your business up and running.

According to a study carried out by digital marketers Juniper Research, more than a quarter of UK Small and Medium-sized Enterprises (SMEs) believe that they are not at risk of cyber-attacks because they are ‘small’ and ‘of no interest to criminals’.

Yet 50 per cent of those very same firms quizzed admit that they suffered ‘at least one’ security or data breach in 2015.

The fact of the matter is, cyber criminals are increasingly targeting small, unprepared and unprotected businesses – and unsuspecting start-ups are perhaps the most vulnerable targets of all.

Data from the UK Government suggests that the average SME cyber-attack can cost anywhere between £75,000 – £311,000 to put right – yet 14 per cent of small firms admit to ‘not doing enough’ to ward off attackers.

Furthermore, the National Audit Office (NAO) has warned that, following ongoing pressure from HM Revenue & Customs (HMRC) for self-employed taxpayers and small businesses to move to ‘an all-digital tax system’, cybercrime is almost certain to increase.

If you are setting up a new firm and establishing yourself in the business world, it is crucial to make sure that your business is protected.

It is also equally important to seek specialist advice from tax and business advisers, in order to effectively manage your spending and day-to-day costs, explore funding options and tax-efficient business structures, and find your feet on the pathway to success.

Wilson Wright are here to help. For more information about our services and support for start-up businesses, please contact us.

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