SMEs are at risk from cyber-criminals

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.scotsman.com/business/companies/tech/steve-ross-smes-are-at-risk-from-cyber-criminals-1-4015351

In 2015, cyber-attacks on some of Britain’s largest companies resulted in
the theft of sensitive customer data and the loss of tens of millions of
pounds. The media attention paid to breaches at companies like JD
Wetherspoon, Lloyds Bank and TalkTalk is understandable, but also
contributes to a perception that cyber-security is something only big
business has to worry about. Unfortunately, this perception is exposing
SMEs to danger.

Target: small business

Research shows that cyber-criminals are turning their attentions towards
small businesses, capitalising on naivety and a lack of cyber-defences.

Last year, 74 per cent of SMEs suffered a security breach. The average cost
of attacks ranged from £75,200 to £311,000 – almost triple that of 12
months earlier. Around 60 per cent of small businesses close within six
months of a cyber-attack.

While enterprise organisations suffer publicly after a breach, they are
also in a position to recover swiftly from any damage or loss of revenue.
Cyber-attacks on SMEs hit much harder – small businesses don’t have the
time or resources to recover quickly – and, while operations are reeling,
the loss in customer confidence may deliver a knockout blow.

Fighting back

Fortunately, it looks like the UK’s SME community is waking up to the
threat – and taking action. The reality is cyber-defences are affordable,
effective and necessary for small businesses – the difficulty lies in
encouraging a stronger culture of protection in the workplace. Millions of
owners and managers are already fighting back: building IT security
strategies, exchanging ideas and educating employees in how to identify and
avoid threats.

The growth of the cyber-security industry reflects this desire. In the UK,
the IT security industry is now worth over £17.6 billion, employs over
40,000 people and is continuing to expand. As the threat landscape evolves,
so too does the need for new strategies and skilled personnel to deal with
the challenges it presents.

The UK government too is recognising the advantages of robust IT security
and, in 2015, launched the £1 million Cyber Security Innovation Vouchers
Scheme, offering small businesses up to £5000 for hardware, software and
advice for building IT security into their infrastructure. The government
is also encouraging a closer relationship between academia and the security
industry, launching schemes to connect innovative thinkers from both
sectors, and encouraging young people to think about professional careers
in cyber-security.

Innovate protection

The size of a business no longer matters to cyber-criminals – it’s the
value of the data held in your network that attracts risk. Your safety and
security depends on your ability to tackle emerging threats creatively:
don’t push security into the shadows – hold meetings about it, anticipate
threats, brainstorm ideas.

Doing that now will help secure the future of your organisation for years
to come.

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