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Cyber attacks on small businesses cost U.K. $7.74 bn in 2014-15

Posted On: Jun. 13, 2016 12:00 AM CST

The Federation of Small Businesses has found that cyber attacks on small and medium businesses in the United Kingdom cost the country's economy about £5.36 billion ($7.74 billion) during 2014-2015 period, reported IT PRO.

The study found that SMBs are hit with seven million cyber crime attacks per year.

The average hack costs SMBs £3,000, the study found.

SMBs are the victim of an average of four cyber attacks every 24 months, the federation found.

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