AN INSURANCE broker specialising in advising small businesses has warned them against cyber crime following the results of a new survey.

Towergate Risk Solutions, based in Thornaby, warned small businesses to be more vigilant after a survey by the Federation of Small Businesses showed cybercrime and fraud are costing Britain’s small business up to £5,000 a year each.

Towergate, which provides advice and services to FSB members, said that the survey found that more than half of businesses questioned said they had been a victim of such crimes over the past 12 months.

Emma Simkins, managing director at Towergate Risk Solutions Teesside, said: “This survey demonstrates that businesses also must look at access control, data encryption and secure password practices, as well as measures such as staff training.”

Mike Cherry, Federation of Small Businesses Home Affairs chairman, said: “It is important that the Met Police E Crime Unit and the National Fraud Reporting Centre work together to set up an effective system to gather intelligence and use it to investigate and prosecute when this occurs.”

Towergate suggested businesses ensure computers are equipped with the latest patches and updates, selecting passwords that cannot be easily guessed and changing them on a regular basis and installing security software.