SMEs are very attractive to cyber criminals: they have poorer security and limited resources, making them easier to attack than their larger counterparts, and are often part of larger supply chains, making them an easy point of access into larger corporations’ systems.
The Department for Business, Innovation & Skills/PwC’s most recent Information Security Breaches Survey found that 74% of small businesses suffered a security incident in 2015 (up from 60% in 2014).
The impact of an attack is clear
Reputational damage is a very real concern for SMEs. According to KPMG and Be Cyber Streetwise, 89% of breached SMEs said the attack affected their reputation, damaging their ability to win new business and maintain relationships with existing clientele.
What SMEs can do to protect their reputation?
SMEs should look to the government’s Cyber Essentials scheme to protect their reputation. Cyber Essentials sets out five security controls that, according to the UK Government, could prevent ‘around 80% of cyber attacks’. These controls provide a basic level of protection from the vast majority of cyber-attacks, and improve business efficiency in the process. A double win!
Certification to the scheme demonstrates that you’ve implemented these basic cyber security controls, reassuring your customers, stakeholders and staff that you have taken the precautions necessary to reduce cyber risks, as well as putting you on route to helping you with cyber insurance if you are considering taking this out.