Crises cost UK SMEs nearly $11 billion
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A report found that crises such as cyberattacks, extortion, industrial espionage and terrorism cost small and mid-sized firms in the United Kingdom £8.8 billion ($10.8 billion) in 2018, Professional Security reported. Research by U.S.-based insurance broker Arthur J. Gallagher & Co. found that nearly 20% of SMEs affected by a crisis spent at least £10,000 to combat the situation, and almost 10% paid more than £20,000.
