SMEs are continuing To Underestimate the Cyber Threat

11 Feb 2016

SMEs are continuing To Underestimate the Cyber Threat

According to the recently released Small Business Reputation and the Cyber Risk report released by the UK Government's Cyber Streetwise campaign, SMEs are underestimating the impacts a cyber-attack could have on their operations.

The survey shows that 93% of the SMEs surveyed don’t consider how a cyber-attack could impact upon their reputation. Less than a third of small companies who reported that they haven’t suffered a security breach said that the potential harm caused by an attack is an ‘important’ consideration.

This large number of SMEs need to start taking the issue of cyber security more seriously. 83% of consumers who took part in the survey said that they are now concerned about the businesses that have access to or store their data. More than half said that a cyber breach would cause them to stop using the business in the future.

The complacency shown by SMEs shows that many do not realise just how valuable the data they store is. 95% of those surveyed said that they hold data in their IT systems. This data ranges from customer to financial. Just one in five (19%) small businesses said they would be immediately concerned about competitors gaining advantage if they were breached.

Supply Chains a Major Concern

Another survey published by KPMG Supply Chain research shows that 86% of procurement departments of larger organisations would consider removing an SME from their supply chains if it suffered from a breach. As awareness of the cyber threat grows 94% of procurement managers said that the standard of cyber security at an SME supplier is a major factor when it comes to awarding a contract.  

The survey also showed that one if four of the SMEs surveyed who had suffered a cyber security breach had experienced reduced growth as a consequence. 31% said that it took them six-months for their business to get back on track.

Cyber Essentials

A good way for SMEs to ensure that they take the matter of cyber security seriously is to obtain the Cyber Essentials accreditation. By doing so they will improve their reputation as a well defended supply chain partner and will be seen as a safer partner for larger organisations to work with. For more information on the scheme click  here. You can find PGI’s Cyber Essentials Portal  here

 For the latest PGI updates like our pages on LinkedIn – PGIPGI Cyber and Facebook – PGIPGI Cyber



Share this article

Contact us

Call us now to discuss your requirements with one of our consultants.

Contact us today

Related News

CISMP, CISSP and CISM - what's in an acronym?

20 Mar 2017

There is a wide range of different security courses available, and a mind-boggling array of certific...

Watch Video

International Womens Day - Pioneering Women in Tec...

08 Mar 2017

Pioneering Women in Technology – Katherine JohnsonThe Oscar season has been and gone. The...

Watch Video

Law Firms and why they need cyber security

06 Mar 2017

Suffering a data breach can be devastating for any company but for law firms the impacts can be part...

Watch Video
Back to the News Hub

Follow us

+44 (0)207 887 2699
©2017 PGI - Protection Group International Ltd. All rights reserved.
PGI - Protection Group International Ltd is registered in England & Wales, reg. no. 07967865
Registered address: Cascades 1, 1190 Park Avenue, Aztec W, Almondsbury, Bristol BS32 4FP