Police crime watchdog Action Fraud has reported that cybercrime cost the UK economy a record-breaking £10.9billion in the 2015/16 financial year.
The news comes shortly after the National Audit Office (NAO) warned British businesses that cybercrime is likely to rise among Small and Medium-sized Enterprises (SMEs) in coming years, as firms move towards online tax systems under Making Tax Digital (MTD).
Moore Thompson Chartered Accountants are advising our clients to take extra care to protect themselves and their businesses against the threat of cybercrime, particularly as Government data suggests that the average SME cyber-attack can cost anywhere between £75,000 – £311,000 to put right.
50 per cent of UK SMEs told a September survey that they suffered at least one security breach in 2015 – while 14 per cent admitted that they were not actively taking any steps to protect themselves.
Moore Thompson are urging our clients to take all necessary cyber security precautions prior to Making Tax Digital. It is always wise to invest in and implement effective anti-virus software for your IT systems. Always install firewalls, keep passwords and login details updated regularly, and restrict access to any sensitive information.