A third of small of the UK’s small business are without any cyber security strategy, according to a new report that warns lacks of preparedness for a cyber attack could cost firms and their users thousands of pounds.

A study from corporate responsibility body Business in the Community found that 42 per cent of small business reported at least one attack or data breach incident over the course of 2018. In 17 per cent of cyber security incidents it took the business and its systems at least a day to recover from the breach.

Figures from the City of London Police showed that 2,000 cyber crimes were reported last year.

Paolo Sartori, managing director of TransWorldCom, said: “Not spending money on solid data protection and cyber security strategies could cost a company vast sums - one day of productivity lost could cost you thousands, but a GDPR breach could cost you millions.

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