Increasingly, small and medium-sized businesses (SMEs) are experiencing cyber attacks, yet despite mounting evidence many SMEs continue to underestimate the scale of the threat and as a result may not be taking the necessary steps to protect themselves.
The reality of Cyber Threats
Cyber crime is no longer a problem reserved for large organisations. A recent cyber security report revealed that whilst 86% of UK small business leaders say they are concerned about cyber threats over the next 12 months, more than 6 in 10 still believe they are ‘too small’ to be a viable target. The reality is very different as research shows 77% of UK SMEs have experienced at least one cyber attack in the past five years with the most common attacks involving business email compromise and funds transfer fraud, though ransomware remains among the costliest.
Time and resources dedicated to cyber security remain low
Over half of UK small businesses (53%) spend fewer than 10 hours per week on cyber security tasks and 63% dedicate less than 10% of their budget to protecting their systems. This underinvestment can be costly.
Government figures add weight to these concerns as 43% of businesses reported a cyber breach or attack in the past year.
Insurance uptake remains low
Despite the clear risks, 60.8% of SMEs still don’t have cyber insurance. The main reason? A belief that their business isn’t a target. Unfortunately, the research shows otherwise and cyber criminals often view smaller businesses as easier prey with fewer defences in place.
Could your business survive a cyber attack?
To help address these challenges we’re hosting a FREE Cyber Security Breakfast Seminar this November near Swindon and we would love for you to join us.
We will serve a light breakfast, coffee and the chance to network with fellow local business owners.
The event will give you practical insights to strengthen your business against cyber risks including hearing from:
- A Police Cyber Crime Officer – sharing case studies and real-world tactics used by cyber criminals.
- Cyber Security Experts – offering practical, jargon-free advice you can put into action straight away.
- A Leading Cyber Insurer – explaining what’s really covered by cyber insurance, how claims work and why it matters.
Register your interest here and we will confirm the date and venue once numbers are finalised. Please feel free to bring a colleague or invite another business owner who may benefit.
Research source: Coalition UK