Cyber Fraud Risk: Small Businesses Are Not Immune

The UK Office for National Statistics reports that cybercrime and fraud account for almost half of all national incidents of crimes. The Cyber Security Breaches Survey 2017 revealed that 46% of businesses experienced a cyber breach or attack between 2016 and 2017. SMBs lose an estimated £1,658 to invoice fraud each year. Businesses need to be aware of risks and implement controls, such as automating expense and invoice processes.