For SMEs, cyber security often falls low on the list of priorities. Based on the assumption that an attack won’t happen to them, investment in their cyber security can sometimes feel like a waste of money.
But the truth is, 43% of cyber attacks are on small businesses. This is because they are often easy pickings for cyber criminals. Remember, no business is too small to be targeted but you can be too small to recover.
60% of small businesses that fall victim to a cyber attack go out of business within six months.
According to a Hiscox study, around 65,000 hack attempts are made on UK SMEs every day and around 4,500 are successful. With advances in technology and current pandemic opportunists, these figures are on the rise.
4 reasons SMEs should prioritise cyber security now.
#1. The effects of remote working on SMEs cyber security
With some of us returning to home working as a result of the third national lockdown and some of us not setting foot in the office since March 2020, it’s safe to say that remote working is very much our norm.
Whilst many SMEs are finding home working arrangements a success as they see financial savings and increased productivity, the associated cyber security risks mustn’t be overlooked.
SME owners and directors now have less control over device security and employees need to be made aware of the responsibility they hold when it comes to accessing the business network.
#2. Compliance
Even an innocent oversight can lead you to a hefty fine if your SME gets hit by a data breach and you’re found to be non-compliant. As a priority, you need to make sure you have an effective IT plan in place that covers compliancy. If you suffer a data breach but can prove the data was properly protected, you can significantly drive down GDPR sanctions and other fines.
Read more about how to avoid GDPR fines.
#3. Ransomware
SMEs are more likely to be the target of a ransomware cyber attack than larger businesses. In fact, it’s reported that over 70% of all ransomware attacks are aimed at SMEs.
With this form of cyber attack, the hacker will commandeer your data using malicious encryption software and demand payment for its release. If your cyber security; firewalls, anti-virus and backup retention, isn’t strong enough, this type of attack can cause financial devastation that your SME may never recover from.
#4. The financial affect
When it comes to the cyber security of your SME, it’s not a case of can you afford to protect your business, it’s a case of can you afford not to?
As reported n 2019, the average cost of a data breach to a UK SME was £11,000 and now it can be a lot more. In fact, for many, it can cost them their business.
The reluctance to budget for robust cyber security systems is what makes SMEs so appealing to cyber criminals.
Find out more about the cost of a data breach in 2020.
More Than IT Support – We’re Your IT Department
For SMEs, cyber security shouldn’t be viewed as a cost but as an investment and with the right IT partner in place, top-notch cyber security should come as standard.
At Jupiter IT, we have a proactive approach to cyber security. We monitor your systems on a day-to-day basis and include regular cyber security audits as standard. Our audits are based on the 5 key controls of the Government-back Cyber Essentials initiative so you can be confident you’re staying ahead of the game.
Learn more about Cyber Essentials.
If you want to be confident in your cyber security systems and rest easy knowing that your SME is protected from data breaches and compliancy flaws, get in touch to discuss a cyber security review for your SME today.
