‘Vulnerable’ small firms get discount on Government-backed cyber security scheme

The Government will allocate £2.4 million to cover the cost of the discount, which is estimated to reach around 6,000 small businesses, in wake of high-profile global hacks

Thousands of small businesses are set to receive heavily discounted training in the fundamentals of cyber security under new Government funding, announced in the wake of several high-profile hacking incidents.

Small and medium-sized enterprises ( SMEs ) and micro businesses will qualify for a 75% discount on the Cyber Essentials certification programme.

The Government has earmarked £2.4 million to fund the discount, which is expected to benefit approximately 6,000 businesses.

The scheme, developed by the National Cyber Security Centre, represents the minimum security standard recommended by the Government and is designed to assist companies of all sizes in guarding against the most prevalent internet-based cyber threats.

Cyber security minister Liz Lloyd said SMEs were “particularly vulnerable in the age of rising cyber threats”.

“We are not going to sit back and let malicious actors take advantage – we will back our SMEs and make them match-fit,” she said.

The fresh funding arrives on the back of a succession of notable cyber attacks in recent months.

Last week, around 6.3 billion US dollars (£4.7 billion) was stolen from Binance wallets, making it the largest cryptocurrency theft in history, according to the crypto exchange.

Several organisations, including blockchain intelligence firms, have pointed the finger at a North Korean hacking unit as being responsible for the attack.

Separately, in October, fashion marketplace Asos revealed that an “unauthorised party” had gained access to an employee’s account, prompting customers to receive a mobile alert warning that the retailer had been compromised. Asos confirmed that the perpetrator obtained access to certain personal data, including the names and contact details of its customers.

Last year, a significant cyber attack targeting Jaguar Land Rover compelled the carmaker to halt production at its manufacturing sites for several weeks, dealing a considerable blow to both its sales figures and overall financial performance.

The 75% reduction on the Cyber Essentials scheme will mean businesses could pay as little as £80, and no more than £125, plus VAT, to obtain the certification.

It will be offered on a first come, first served basis to firms that have not received certification within the past four years, and will remain available until March, or until the ring-fenced funding is exhausted.