We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. Clicking continue will proceed with all cookies and remember your preferences for future visits.
Accept and continue to site
Configure your cookie options

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. These optional cookies can be turned on and off below. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Privacy & Cookies Policy.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics Cookies

We'd like to set Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our Privacy & Cookies Policy.

Save & Close

Cybercriminals are placing an undeniable burden on businesses of all sizes, including small and medium-sized ones.

Business disruption, loss of revenue, repair costs, legal fees and fines are among some of the expenses that breached companies are left with.

The consequences to the economy are staggering.

Businesses making themselves vulnerable to cybercriminals

According to the UK Government, the estimated cost of cybercrime in the country is £27bn, making it the 6th most affected globally. The United States is at the top of the list.

Despite all these facts, many small and medium businesses (SMBs) do not see themselves as high-value targets for online criminals. In fact, 24% of the SMBs (250 to 999 employees) that do not have an executive accountable for security used this perception to explain the absence. In comparison, only 14% of enterprises (1000+ employees) offered this same explanation, according to the 2016 Cisco Annual Security Report.

Some SMBs are hesitant about investing in advanced security. They may not see it as a priority because they believe that attackers have better targets to choose from. This is simply not true. In fact, some attackers are specifically targeting small and medium companies. They realised they can exploit their weaker defences to gain access to the network of their most valued enterprise customers.

How businesses can prevent cyber attacks

When a breach happens, it is not difficult to imagine how badly those customers react. To avoid such issues, many enterprise customers now ask their suppliers to demonstrate that they meet certain security standards. Certifications such as ISO27001 are becoming a more common requirement.

Having strong security can help companies of all sizes differentiate themselves from their competitors and consequently it may slowly push less secure companies out of business.

Although the need for improving security is not exclusive to small and medium businesses, it may affect them more deeply. SMBs are already falling behind. They have fewer tools and processes than enterprises and they may also have less money to invest and to recruit top professionals.

However, SMBs should not let the lack of resources stop them. There are many ways in which they can improve their security infrastructure without breaking the bank. The first step is a change in attitude and accepting that they are just as much at risk as enterprises are, if not more.

These companies should also consider how they can improve the efficiency of the tools they have already got, implement stronger processes and metrics to measure performance and make it all simpler to manage. For example, they may achieve better efficiency and reduce overhead by integrating some of their solutions and automating some of their processes. They may also consider outsourcing part of their security services or using cloud-based solutions to reduce the overhead.

As the digital economy continues to blossom, the threat landscape will only become more complex. Security and guarding against cybercriminals is an ongoing commitment that companies need to make to sustain their growth.

 

Avatar
About Andrew Frost

TrustPilotShare Resource

Related Resources