Cybersecurity Concerns Increase Among UK Small and Medium-sized Businesses
In the face of a challenging economic landscape and a rise in cyber attacks, small and medium-sized businesses (SMEs) in the UK have become increasingly worried about cyber threats and their potential impact on their brand, reputation, and revenue, according to new research. The study reveals that nearly four in ten SMEs (38%) are more concerned about cybersecurity threats compared to the previous year, with over a quarter of businesses admitting to experiencing some form of security breach.
The research, commissioned by Sharp Europe, a leading provider of business technology products and services to SMEs across Europe, further highlights that approximately one-third of the businesses surveyed have had their operations affected by a cyber security breach. The breaches range from phishing attacks (31%), malware infections (30%), data losses (30%), to computer virus attacks (25%).
Moreover, the study indicates that nearly a quarter of the SMEs (24%) have fallen victim to password attacks, while cloud security issues have affected 23% of the businesses. Surprisingly, despite these concerning statistics, the research shows that more than half (61%) of the surveyed SMEs lack confidence in their ability to handle and mitigate security risks. Even more alarming is the fact that three out of five (60%) UK small businesses have no plans to increase their IT security budgets this year.
The pan-European research involved surveying 5,770 professionals responsible for IT purchasing decisions in their respective SMEs. The respondents were asked about their confidence in their businesses’ IT security capabilities and the obstacles they face in investing in IT security over the next 12 months. The study reveals that the top concerns for SMEs in the face of an IT security breach are financial losses, decreased customer confidence, and negative impacts on their brands.
Colin Blumenthal, Vice President of IT Services at Sharp Europe, acknowledges the complexities faced by businesses operating in today’s digital environment, stating, “Threats are constantly changing–and trying to identify and prevent them all can leave those in charge feeling concerned, confused, and frustrated.” He emphasizes that regardless of the size of the business, it is essential for all companies to prioritize the protection of their data and ensure the security of their networks and devices. Seeking expert advice is crucial in making informed IT security decisions, adopting a holistic security approach, and keeping solutions up to date.
The growing concerns about cyber threats among SMEs are further exacerbated by challenges such as the rise of hybrid working models and employees using their personal devices for work. Alarmingly, the research reveals that only 53% of SMEs in the UK have encryption measures in place, and less than two-thirds (58%) have a strong password policy.
To obtain more insights and advice on cybersecurity for SMEs, interested individuals can visit sharp.co.uk.
In summary, cyber threats are becoming a more significant source of worry for UK SMEs due to a challenging economic environment and the prevalence of cyber attacks. The research commissioned by Sharp Europe highlights the increasing concerns about cybersecurity among SMEs, as well as the impact of security breaches on their operations. It also sheds light on the lack of confidence and limited budget allocation for IT security in these businesses. This research emphasizes the urgent need for SMEs to prioritize cybersecurity measures and seek expert advice to protect their data and ensure the security of their networks and devices.