Ways Cybercrime Can Affect an SME


17 Aug 2015

Ways Cybercrime Can Affect an SME

Cybercrime can do huge damage to businesses, but whereas a large company is likely to survive, albeit battered and bruised, an SME can be devastated. In this article we will look at just a few of the ways in which cybercrime can negatively impact an SME.

Theft of information

A cyber-attack can lead to the theft of company information such as customer details and other sensitive data. The media often publicises such attacks on major companies but in reality it is SMEs that are successfully attacked most often. The theft of credit card details for example is particularly harmful to a smaller company due to the harmful impact upon its reputation.

Monetary Losses

According to a government survey held in June 2015, the average monetary cost of a cyber security breach for large organisation climbed to £1.46 million. For smaller firms the financial impacts also rose with a severe security breach typically costing £310,000. The negative impact of a cyber-attack must not be underestimated as the victim has to pay out to cover lost sales, business disruption, fines, compensation and the recovery of lost assets.

Often a cyber criminal’s objective is to steal money either directly or via stealing data which could lead to a financial payoff.

Damaged Reputation

A cyber attack can result in the theft of sensitive business data or the theft of customer details. If such a breach is made public it can do serious harm to a SMEs reputation. Businesses should also be aware of the effects of the potential impact of online social media. Failing to monitor what is being said about your business online could result in unwanted content being posted about it. A damaged reputation is also likely to lead to customers being wary of your business and in turn result in a loss of revenue.

Security costs

Another monetary loss for SMEs can also come in the form of extra expenses needed to improve their cyber security. Training for staff, upgrading of hardware and software all cost money.  Investment may be expensive but with the cyber threats growing on a daily basis it is vital. Due to

Having the Cyber Essentials accreditation for example will also be beneficial for a company as it will need it to bid for government contracts. Since 2014, all suppliers handling sensitive information need a Cyber Essentials accreditation.

For more information on how to protect your business contact PGI Cyber.

Share this article

RISK PORTAL

Your free Global Geopolitical Dashboard

PGI’s Risk Portal tool provides daily intelligence feeds, country threat assessments and analytical insights, enabling clients to track, understand and navigate geopolitical threats.

The Risk Portal gives users up-to-date information and analysis on global affairs.

The Risk Portal allows users to visualise information in a unique and instantly understandable way. Mapping filters enable the visualisation of incidents by threat category, time period, perpetrator and target type.

Risk Portal users can upgrade their accounts to include the Report Builder and Country Profile Generator features. The Report Builder allows users to select information, data and images from the Risk Portal and create bespoke reports and emails.

Subscribers to PGI’s Bespoke services receive tailored analysis on specific sectors and geographies of interest, delivered at a frequency they determine.

Visit the Risk Portal

Subscribe to our Cyber Bytes Newsletter

Keep yourself in the loop with PGI by signing up to our Weekly Cyber Bytes email. You will receive updates, tips and narrative around what has been happening in the world of information security.

Get in touch today

For more information on how we can help you or your business, please contact us via:

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...

Read news article

International Womens Day - Pioneering Women in Tec...

08 Mar 2017

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

Read news article

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...

Read news article
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