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A survey of more than 1,000 small businesses in the UK found that 38% will not allot a single pound for cyber protection this financial year, with 47% thinking cybersecurity is too expensive.

Conducted last month by YouGov, the online survey that appeared in Insurance Business Magazine, also revealed that 30% of these firms have less than 3% of their overall budget going to cyber protection while 45% do not consider themselves hacking targets.

Meanwhile a good 36% of small businesses (with fewer than 50 employees) in the UK actually consider themselves to be operating at or below the “security poverty line,” or the point below which companies cannot effectively guard themselves against cyber threats.

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