Cybersecurity threats cost UK SMEs £3.4bn annually

Cybersecurity threats cost UK SMEs £3.4bn annually is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• Vodafone Business highlights that SMEs lose £3.4bn a year due to cyber-attacks, with phishing and ransomware among the most common threats.
• Vodafone offers a complimentary one-month trial of CybSafe to help SMEs enhance their cybersecurity.

What happened: SMEs lose £3.4bn a year due to cyber-attacks

A new report from Vodafone Business has revealed that small and medium-sized enterprises (SMEs) in the UK are losing a staggering £3.4 billion annually due to insufficient cybersecurity measures. The report, Securing Success: The Role of Cybersecurity in SME Growth, highlights that the average cost of a cyber-attack for a small business is £3,398, with the figure rising to £5,001 for those with 50 or more employees. Alarmingly, over a third (35%) of SMEs reported experiencing a cyber incident in 2024 alone, with many businesses lacking basic cybersecurity protections.

To assist SMEs in tackling this issue, Vodafone Business is offering a complimentary one-month trial of CybSafe, a leading human risk management platform designed to improve cybersecurity awareness and behavior. The platform can accommodate up to 100 employees, providing critical training on how to handle threats such as phishing and ransomware.

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Why it’s important

The £3.4bn annual loss to cyberattacks underscores the growing vulnerability of SMEs to cyber threats. As phishing and ransomware incidents escalate, many SMEs lack the resources or training to defend themselves effectively. Vodafone Business’s free CybSafe trial offers a valuable opportunity to enhance employee awareness and improve security practices.

To address this issue, Vodafone has also made policy recommendations urging the UK government to provide scalable and affordable cybersecurity solutions for SMEs. This includes increased funding for the Cyber Local initiative and incentivising investment through tax reliefs, helping businesses build stronger cyber defences.