More Than 1m Small Businesses ‘At Risk Of Collapse’ Due To Cyber Threats

A poll of more than 500 business leaders found nearly a quarter of UK SMEs — equivalent to 1.3m companies — were likely to go bust if they were forced to deal with the average cost of a cyber attack. The research, commissioned by Vodafone, also showed that 16 percent of firms would likely be forced to lay off staff in the event of a hack. As a result, the report called on ministers to beef up the country’s corporate cyber defenses, warning that a failure to do so could hamper the post-pandemic economic recovery. 

Experts Comments

March 09, 2021
Jamie Akhtar
CEO and Co-founder
CyberSmart

There is often an alarming assumption amongst the majority of SMEs that they are not worth attacking. Rather, the large organisations are most at threat as they would be the more profitable target. Such a perception fails to recognise, however, that bad actors hardly ever discriminate. The results of this survey demonstrate the urgent need for organisations and governments alike to work towards bolstering the security posture of SMEs. For too long they have been left to fend for themselves,

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There is often an alarming assumption amongst the majority of SMEs that they are not worth attacking. Rather, the large organisations are most at threat as they would be the more profitable target. Such a perception fails to recognise, however, that bad actors hardly ever discriminate. The results of this survey demonstrate the urgent need for organisations and governments alike to work towards bolstering the security posture of SMEs. For too long they have been left to fend for themselves, this needs to change today. 

 

Fortunately, improving one’s cybersecurity does not have to be an arduous or daunting task. Meeting basic cyber hygiene measures such as using a VPN, ensuring passwords are complex and unique as well as keeping software up-to-date, are all steps that can help in preventing a breach by as much as 99%. All of these measures and advice are outlined by the Cyber Essentials scheme. In addition, raising awareness and training is key so that employees are empowered to improve their security behaviour.

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