Why cyber security is important for small businesses

Identifying potential risks and maintaining the cyber security of your business is arguably more important today than ever before. With the number of malicious cyber-attacks on the rise and GDPR to contend with, ensuring that the data of your staff, clients and customers is protected should not be overlooked.

Cyber-attacks in the UK are on the rise

According to research from insurer Hiscox, 55% of UK business firms surveyed admitted to having faced some form of cyber-attack in 2019. That is a huge increase from 40% in 2018. The average loss recorded for data breaches also soared by 61% up to £176,000.

Despite these concerning figures, UK firms were found to score particularly poorly on cyber security and had the lowest cyber security budgets on average of any country included in the survey. UK businesses were also least likely, alongside US firms, to have “a defined role for cyber security.”

Gareth Wharton, head of Cyber at Hiscox, theorised that the low spending on cyber security by UK firms could be down to the large number of small businesses in Britain. 

"They may feel like they won't be targeted, as we tend to only read about large breaches in the press. If they incorrectly feel that they won't be targeted, they may be less likely to spend on cyber security."

Being GDPR compliant

As of the 25th May 2018, the Global Data Protection Regulation came into effect; an EU policy that forces businesses to protect any personal data they hold to a more satisfactory level and gives individuals more rights to their own data.

However, despite the risk of a fine for non-compliance being as high as €20 million (or 4% of annual global turnover, whichever is greatest), over half of UK businesses are still not fully GDPR compliant according to research from security vendor Egress. Of the 250 businesses surveyed, 35% also admitted that GDPR compliance had fallen in their priorities over the last year.

As leading providers of cyber security services for businesses in the South, we can help you prepare for potential risks with Antivirus software, reliable data backup and network security. We can also help you work through the Cyber Essentials Certification, so you can prove your compliance with GDPR to potential customers and clients. Contact us to find out more!