Recent statistics confirm that cybersecurity is not just a concern for large corporations.
The consequences of a cyber-attack can be devastating for any business and despite the prominence of large enterprise-level cyber-attacks, an increasing number of small and medium-sized enterprises (SMEs) are also being targeted.
This is backed by recent research by Vodafone, which revealed over half of SMEs were targeted by a cyber-attack in 2022, yet 18% of surveyed businesses were not equipped with cybersecurity software.
Here’s why SME cybersecurity is more important than ever and what steps you can take to protect your business.
1. Cyber-attacks are becoming more frequent and sophisticated
SMEs are often viewed as easier targets by cybercriminals, as they may have less robust security measures in place than larger corporations. Cybercriminals are also using increasingly sophisticated methods to carry out attacks, such as phishing emails and ransomware.
2. The cost of a cyber-attack can be significant
1 in 5 of the SMEs surveyed by Vodafone said a cyber-attack would cost them £4,200 on average. This figure represents a significant financial loss for a smaller business, not to mention the reputational damage it could cause. Investing in cybersecurity systems, accreditation, and managed services is therefore essential protection against this potential impact.
3. Regulatory requirements are increasing
Regulatory requirements around data privacy and security, such as the General Data Protection Regulation (GDPR), are becoming stricter and SMEs are not exempt. Failing to comply with these regulations can result in significant fines and legal penalties, so SMEs should prioritise the security and privacy of their data, especially that of their customers.
4. Customers expect businesses to prioritise cybersecurity
A cyber-attack not only causes a company financial and legal damage but also reputational damage. Investing in cybersecurity measures and accreditation can strengthen customer, client, or supplier trust by demonstrating that you take their security seriously and are committed to protecting their data.
5. There are many affordable cybersecurity solutions available
Contrary to popular belief, cybersecurity doesn’t have to be prohibitively expensive for SMEs. There are many affordable cybersecurity solutions available, such as antivirus software, firewalls, and secure data storage. An affordable solution to ensuring cybersecurity without investing in the management of expensive on-premises systems is to hire a cybersecurity partner – YourShortlist can help you find the ideal partner to suit your budget and requirements.
It’s clear from the recent figures that SME cybersecurity is more important than ever. The financial risks, legal requirements, and customer expectations around data privacy make cybersecurity a top priority and thankfully, there are many affordable solutions for businesses of all sizes and industries.
The quickest way to find your ideal solution is to speak to the procurement experts at YourShortlist, who can match you with software and managed service providers from our database of over 2400 trusted vendors.
Get in touch with us today to receive your free, bespoke list of cybersecurity partners.