LinkedIn Daily Run Down Highlights the Effect of Cyber Attacks

About 50,000 UK jobs have been lost due to cyber attacks on small businesses, research by Barclays shows. The study found nearly 11% of all surveyed SMEs have been defrauded, compelling roughly 9% of them to reduce overheads by sacking staff. The average cost of a fraud is ￡35,000, taking the overall fraud-related expense to ￡40bn. “Fraudsters are targeting hard-working entrepreneurs, in some cases impersonating suppliers and staff, intercepting emails and sending fake invoices,” said Ian Rand, chief executive of Barclays Business Banking.