Almost a third of small businesses do not have any cyber security strategies in place, a report by Business in the Community (BIC) has found.
The report, which promotes businesses improving their online security, found that 30% of small businesses had no cyber security strategy, compared to 4% of medium-sized businesses.
The report also found 40% of small businesses have not undertaken any cyber security action in the last 12 months, and only 35% of small and medium-sized businesses have a basic data protection policy.
The report, titled ‘Would you be ready for a cyber attack?’ was commissioned by business leaders “wanting to understand current cyber security practices of small and medium-sized businesses.”
It found that the industries with the fewest cyber security measures in place are: retail (43% with no measures implemented in the last 12 months), construction (39%), and real estate (36%).
Business in the Community advised that everyone needs to take action against cyber breaches.
They said: “Small and medium-sized businesses should have measures in place to reduce the impact should a breach occur.”
The report noted that small businesses are not taking as much action towards their own cyber security as medium-sized businesses.
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60% of those small businesses will fail within their first five years.
The number of reported breaches is up 54% this year compared to the same period in 2018.