Why SMEs Fear and Ignore Cyber Attacks

Yes, we all fear cyber-attacks, but the reality of the threat doesn’t come into the picture until your network is down and so is your business! According to research by Close Brothers Business Barometer, businesses in the UK are more worried about cyber-attacks now than they were a year ago. Cybercrimes are becoming more devastating for SMEs than natural disasters.

Why are SMEs afraid? Fear is never a solution!

Looking at the stats, it is clear why fear prevails. The way in which media and government talk about cybersecurity influences SMEs. But it’s high time SMEs change their attitude and have a better perception of cybersecurity. Being too relaxed or being over-anxious is only going to have a negative effect.

Ignorance isn’t bliss here!

Being aware of just how severely a cyber-attack can your business and not taking any preventative measures is not going to work here.

Ignorance is the main factor of falling into the prying eyes of these hackers. More than half of UK businesses reported cyber-attacks in 2019 according to research by HISCOX. As SMEs integrate digital infrastructure for carrying out business more efficiently, many are unaware that they are also exposed to new security risks at the same time.

Here are the two main reasons why SMEs ignore cyber-attacks and debunking the thinking behind them

1. Thinking you are too small to be visible? Beware!!

This is a big No. Here’s why! In today’s world, everyone uses digital technologies, and SMEs might think they are least susceptible or below the radar in cyber-attacks because of their size. But statistics from the Telegraph highlight that 43% of total cyber-attacks were on SMEs last year costing them a whopping 25,000 euro on average. In short, being small and anonymous is no protection!

Data theft can happen to any business that is using technology, regardless of their size. But the fact is SMEs are more prone to cyber-attacks due to their weaker security systems.

2. Cost Analysis: Here’ why you should spend on cybersecurity

Are you are still wondering why you should invest in security when there are no visible benefits?

If you don’t have adequate security and a BCDR (Business Continuity and Disaster Recovery) plan for your data, chances are you are going to suffer not just downtime but data loss as well. Whilst you may be lucky enough to be able to redo some of this work, most businesses are unable to and the majority are out of business within just 12 months.

Spending on security is always beneficial and never a waste of money. In fact, it can be a key differentiator in today’s competitive business world and can potentially drives more business or play a pivotal role is retaining work you have worked many years protecting. SMEs that spend more money on coffee than their security should acknowledge the fact that one in ten SMEs suffer from a data hack.

In short, fear and ignorance is not the right approach to staying secure. SMEs need an ongoing process in place to protect against cyber-attack rather than treating it as a one-time activity.