Cyberattack and data loss preoccupies UK SMEs despite rise in confidence

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://news.techworld.com/security/3500819/cyberattack-data-loss-preoccupies-uk-smes-despite-rise-in-confidence/

British SMEs have grown increasingly concerned about technological
disruption to their businesses with cybersecurity and data loss now rated
as two of the three biggest worries, according to Zurich Insurance Group's
quarterly SME Risk Index.

Overall, the firm's Index, calculated every three months using interviews
with around 600 decision makers, paints a picture of a sector now extremely
preoccupied with the potential of technology to benefit but also harm them.

The index score dropped (that is, improved) to 41.68 points, demonstrating
growing positive sentiment about the UK economy in the last year. But while
one in four believed that online trading offered major opportunities, 39
percent expressed anxiety about the downsides of technology-driven business
models.

The single biggest tech concern was a network failure at 36 percent, with
35 percent citing data loss and 31 percent cyberattacks; a growing worry
for 15 percent was 'social media reputation', the trend for firms to find
themselves on the receiving end of crowdsourced negativity.

More conventional concerns for 36 percent included the ability to find and
keep talent, with one in ten even mentioning the aging workforce as an
issue.

A surprising 8 in ten respondents said they weren't worried about
traditional threats such as weather and fire, something that won't be good
news for insurers.

"It's very encouraging to see that 41 percent of SMEs experienced growth in
the last quarter, and that the vast majority have avoided emergency
measures to cut costs and improve business performance," said Zurich
Insurance director of SME, Richard Coleman.

"It's also important that they plan sufficiently ahead for the long- term
risks on the horizon, such as the significant changes underway in
technology and workforce structure."

Interestingly, insurance against technological problems including
cyberattack is still thin on the ground for SMEs, despite the occasional
firm offering cover as part of an assessment service.

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