Cyber resilience: SMEs and the digital economy

A recent study by the Federation of Small Businesses shows that a worrying 66 per cent of small and medium sized businesses (SMEs) have been hit by cyber crime, with an average of one attack every 6 months. The annual cost to small businesses of these security breaches totalled a staggering £5.26 billion between 2014 and 2015.

SMEs are heavily reliant on IT, yet tend to be less cyber savvy and more inclined to invest money on growth, rather than IT strategies. This haphazard approach to IT setup and digital systems is making them more susceptible to hackers who target these businesses looking to thieve and cause damage.

IT security is a collective responsibility and it is essential that SMEs take the necessary steps to protect themselves against cyber attacks.

If you have any concerns relating to this matter, we are able to put you in touch with companies within our extensive network of contacts who will be able to assist. It’s part of our commitment to supporting SME businesses by providing holistic business advisory services. Please contact Steve Govey or your usual Beavis Morgan Partner.