Cyber crime costs small firms '£800 annually'

Date: 18th February 2009

Online fraud is costing every British small business £800 each year, new statistics have revealed.

Figures published by the Federation of Small Businesses (FSB) show that 54 per cent of small firms - including sole traders and partnerships - have been the victim of online scamming in the last 12 months.

The FSB claims this is costing the average company £768 each year, but some instances have shown internet fraud hitting businesses for as much as £5,000.

Home affairs chairman of the FSB, Mike Cherry, commented: "The internet is a huge and unregulated area but businesses have to have confidence that there at least some structures to support them."

He added that it was vital the police and National Fraud Reporting Centre worked together to stamp out instances of cyber crime.

A recent report by BT Tradespace found that about two-thirds of businesses were not taking advantage of the internet, the Daily Mail reported.