According to the 2015 Information Security Breaches Survey, the Department for Business, Innovation & Skills reported that a staggering 90 per cent of large organisations had experienced some form of cyber breach during the last 12 months.
When reviewing the worst individual security breach for each company, the average cost per firm was between £1.46 million and £3.14 million.
Whilst the data for small businesses is much more difficult to maintain as correct data breach records are not always kept, or made available, the report still highlighted 74 per cent of firms which have experienced a security breach in 2014. For small firms the average cost of a breach was £75,000 and £311,000 for their worst breach. Without adequate Cyber Insurance, many small firms would not be in a financial position to recover from such losses.