SMEs failing to invest in cyber protection

SMEs are not setting aside enough money to improve their cyber security defences, according to data compiled by Zurich.

The insurer found that 875,000 SMEs across the UK have been affected by a cyber-attack over the last 12 months, with London firms being the most affected.

Of those companies surveyed, over a fifth reported that it cost them more than £10,000, with one in 10 saying it cost them over £50,000.

However, in spite of these potential losses, the survey of over 1,000 UK SMEs also showed almost half (49 per cent) plan to spend £1,000 or less on their cyber defences in the next 12 months.

“The results suggest that SMEs are not yet heeding the warnings provided by large attacks on global businesses,” says Paul Tombs, Zurich Head of SME Proposition.

“While the rate of attacks on SMEs is troubling, it also shows that there is an opportunity for businesses with the correct safeguards and procedures in place to leverage this as a strength and gain an advantage.”

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.