SMEs are not putting aside the appropriate amount of funding to bolster their cyber security defence.
It’s no secret that cyber criminals like to try out their latest tricks on big businesses, with high-profile enterprises falling foul of the criminals’ collective efforts at an alarming rate. It’s unlikely that a vicious cyber attack on a smaller enterprise will garner anywhere near the degree of publicity that follows on from the hacking of an international corporation. Still, this doesn’t mean there aren’t consistent and successful attacks against small businesses on a daily basis.
A few months ago, insurance company Zurich revealed that nearly one million SMEs suffered a cyber attack in the last year -- which is no surprise considering that SMEs host customer data, IP, and other prized assets in exactly the same way as the enterprise.
Alarmingly, in contrast SMEs are not putting aside the appropriate amount of funding to bolster their cyber security defence, even despite that Zurich research -- 875,000, to be more precise -- suffering an attack within the last year. Among the companies hit, just over a fifth revealed that it cost them over £10,000, with one in 10 admitting that it had cost them over £50,000. These are dangerous figures for small and medium-sized businesses.
As such, whether a business is large or small, if it holds something of value, it could be a target. Previously, sophisticated security defence technologies have traditionally been the reserve of big businesses with well-funded budgets, leaving smaller players exposed to threats. However, given the technical challenges of running security systems around the clock, there is an opportunity for hosted and managed security services that relieve the skill and resource pressures faced by many organisations in the mid-market. This is especially welcome as they try to protect themselves against increasingly sophisticated attacks.
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