SMEs are more worried about the threat of cyber crime than they are about Brexit, a new survey from Barclaycard has revealed. In a poll of 500 SMEs, 44% said they fear being a victim of a cyber crime or data breach, whereas 34% expressed their concern over the affect Brexit will have on their business.
In response to this fear over cyber attacks, SMEs are planning to increase their spending on cyber security experts. Barclaycard reports that SMEs spent an average of £1,600 on cyber security help last year (a total of £2.9 billion), but that figure is expected to rise to more than £2,000 in 2017.
Despite the repercussions that Brexit will have on the UK economy, the fact that companies are still more worried about cyber crime shouldn’t be too much of a surprise. After all, no matter what happens during and after the exit negotiations, cyber crime will remain a threat. Following the referendum, Alan Calder, IT Governance’s founder and executive chairman, said:
All industries face months, if not years, of uncertainty following the Brexit vote. But there’s one thing we can be certain of: cyber crime will continue to increase in scale and severity. In turbulent times, all organisations need to do everything they can to ensure they survive. That’s why it’s essential to continue investing in best-practice cyber defences to combat the growing cyber threat.
Barclaycard’s survey indicates that that’s exactly what SMEs are doing. In particular, the research “suggests SMEs can make their budget work harder by hiring experts who provide support across multiple areas, especially when it comes to technology.” It also advises experts to engage with new technologies that will make their organisation run more efficiently.
However, it’s worth remembering that hiring people and developing technology is not, by itself, an effective remedy to growing cyber threats. If you want to truly protect your organisation, we recommend implementing an information security management system (ISMS) in line with ISO 27001.
ISO 27001 is the only international information security standard against which organisations can achieve independently audited certification. It covers people, processes and technology, recognising that effective information security requires all three of these elements to work alongside each other.
IT Governance has a range of products and services to help your organisation implement an ISO 27001-compliant ISMS.
Find out how to get started with ISO 27001 by downloading our free paper on implementing ISO 27001 now.
As part of a robust information security regime, we recommend that you consider certifying under one of our cost-effective Cyber Essentials packaged solutions.
Cyber Essentials is a government-backed scheme that outlines five key controls for cyber security, setting out the baseline for suitable defence measures for organisations in all sectors. Certifying under the scheme will demonstrate to clients that you take cyber security seriously, increase your business opportunities and save you money.
When implemented correctly, Cyber Essentials can prevent around 80% of cyber attacks.