Are SME’s too blasé about cyber-attacks?

With cyber security making it into front page news this year, it’s of growing importance to many British SMEs.


However, according to a recent report, many small to medium sized firms are at huge risk of losing business simply because they are too poorly prepared for cyber-attacks.


A survey by KPMG of procurement managers found that many SME firms are at high risk of having to refrain from bidding for new work, simply because they have failed to place significant importance on looking after their client data and implementing security.


A number of respondents of the survey noted that UK SMEs should be doing a great deal more to prevent these security attacks from taking place and protect their client data.


Perhaps unsurprisingly, a staggering 86% of respondents said they would consider removing an SME from their supplier list if they had a security breach. While 94% noted cyber security standards are hugely important when it comes to awarding contracts to smaller firms.


SMEs that are concerned about their financial position or are in need of business rescue should contact insolvency practitioners to discuss the best course of action to take.


George Scott, Director at KPMG in Scotland for Cyber Security, explained that this form of security isn’t just a technical problem anymore, now it has become a “business critical issue” for all SMEs.


Larger firms are increasing their emphasis on the security of their clients’ data and therefore SMEs should be following suit, he added.


Mr Scott noted that unfortunately too many SMEs remain quite blasé about the effects cyber breaches can have on their business and are therefore failing to notice they, themselves are targets of cyber criminals.


Unless smaller firms take a more hands on approach to cyber security, they will face the risk of losing business contracts in the future, he added.


By Phil Smith


If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1144.

View all Business Insights