Cyber attacks are hitting businesses of all sizes across the UK. Over the past five years, they’ve cost British companies a staggering £44 billion in lost revenue. More than half (52%) of private sector businesses have experienced at least one cyber attack during that time.
Despite this, many small businesses assume they’re too insignificant to be targeted. This false sense of security leads to weaker protection, making them even more vulnerable. The reality? On average, a cyber attack costs businesses 1.9% of their annual revenue—a far greater price than investing in cybersecurity upfront.
In this blog, we’ll be tackling the true cost of cyber security attacks and how investing in security now could save you tens of thousands of pounds in the future.
Cyber attacks are more expensive than you think
When a business falls victim to a cyber attack, they’re faced with a mountain of associated costs and financial losses that have a detrimental impact on future success. The most obvious loss is the theft of funds; cyber criminals may use an attack to steal money directly through fraudulent transactions or business email compromise. One of the most common attacks criminals use is ransomware attacks; this requires businesses to pay a ransom sum to regain access to stolen data or files with payments ranging from £10,000 to over £100,000.
Cyber attacks also come with additional operational costs and losses that make recovery from an attack strenuous and drawn out. Business operations are often disrupted or halted completely following a cyber attack; in fact, the average downtime following an attack is 7-10 days. Just imagine the amount of revenue lost in this time if a business is unable to operate. Recovery expenses are an unwelcome bill on top of this; whether businesses have in-house or outsourced IT teams (for SMEs it’s more often the latter), their time and expertise to help recover from an attack costs money. This incurs further fees for data restoration and system repairs, often amounting to tens of thousands of pounds.
Then, to add insult to injury, there are the legal and regulatory penalties that businesses are presented with for failure to comply or exposing sensitive data. GDPR fines are handed to businesses that are found to be non-compliant with the relevant regulations, which can be up to €20 million or 4% of annual global turnover – whichever is highest. Many cyber attacks affect not only the business being targeted but also their customers and partners as well. These individuals or organisations may be able to sue for damages or losses because of the attack, adding additional legal fees and settlements to a towering list of costs.
In the long term, cyber attacks can continue to negatively affect a business’s revenue by damaging both their reputation and customer trust. Word gets around, and so studies have shown that 60% of customers are less likely to engage with a company following a data breach, meaning the incoming revenue stream is irreparably damaged. Negative publicity from the attack can also cause long-term brand damage, deterring potential partners and customers as well as alienating and destructing existing relationships.
An investment that pays off
Investing in cyber security is not just a defensive measure but a strategic financial decision that can save small businesses substantial amounts in the long run. When comparing the average costs associated with cyber attacks to the investment required for comprehensive cyber security services, the financial benefits become evident.
SupPortal’s cyber security services and cost comparisons:
Without cyber security measures:
- Potential average loss per cyber attack: £16,100
- For a business experiencing one attack annually, the five-year cost could be £80,500.
With SupPortal’s Essential Defence Package:
- Annual Investment: £1,320
- Five-Year Investment: £6,600
- Savings Over Five Years: £73,900
With SupPortal’s Defence Plus Package:
- Annual Investment: £4,020
- Five-Year Investment: £20,100
- Savings Over Five Years: £60,400
Without cyber security measures:
- Potential average loss per cyber attack: £16,100
- For a business experiencing one attack annually, the five-year cost could be £80,500.
With SupPortal’s Data Defence Package:
- Annual Investment: £4,320
- Five-Year Investment: £21,600
- Savings Over Five Years: £58,900
With SupPortal’s Data Defence Plus Package:
- Annual Investment: £7,320
- Five -Year Investment: £36,000
- Savings Over Five Years: £44,500
Without cyber security measures:
- Potential average loss per cyber attack: £16,100
- For a business experiencing one attack annually, the five-year cost could be £80,500.
With SupPortal’s Web Defence Package:
- Annual Investment: £900
- Five-Year Investment: £4,500
- Savings Over Five Years: £76,000
With SupPortal’s Web Defence Plus Package:
- Annual Investment: £3,600
- Five-Year Investment: £18,000
- Savings Over Five Years: £62,500
These comparisons clearly show that by investing in cyber security services, businesses gain substantial cost savings by mitigating the financial risks associated with cyber attacks. Additionally, achieving certifications like Cyber Essentials enhances credibility and may be required for certain contracts.
Other packages businesses benefit from financially are employee training schemes, as educated staff are less likely to fall victim to phishing and other social engineering attacks, further reducing risk. Regular vulnerability scans, patch management, and penetration can vary in cost for each business, but they ensure that potential security gaps are identified and dealt with swiftly.
How SupPortal can help
At SupPortal we offer a wide range of tailored cyber security strategies to suit businesses of all sizes. Using our expertise, we assess each business’s needs to develop customised, effective security plans and practices. Robust cyber security is essential for all businesses, which is why we strive to offer affordable solutions with scalable services to fit various budgets, ensuring even small businesses have access to essential protections.
Our expert guidance allows us to provide ongoing support for our clients and updates to our services to adapt to the evolution of cyber threats. With SupPortal, your business stays secure, resilient, and always one step ahead of cyber threats – so you can focus on growth, not recovery.
Don’t wait until it’s too late
Cyber threats aren’t going away – but with the right protections in place, neither are your business or your profits. Investing in cyber security isn’t just about defence; it’s about ensuring long-term stability, resilience, and peace of mind. At SupPortal, we provide tailored, cost-effective security solutions that keep your business protected, so you never have to worry about the devastating costs of an attack.
Stay secure, stay ahead – get in touch with us today.
