According to the FSB’s report Cyber Resilience: How to protect small firms in the digital economy, around 66% of FSB members claim to have been victims of cyber crime in 2014-2015. With an average cost of £3,000, this represents a total annual cost of around £5.26 billion.
Digitalisation brings cyber crime
The digitalisation of communications, networks and operations has generated new vulnerabilities for all companies with a digital presence. These can be divided into two broad categories:
- Organisational vulnerabilities – these are weaknesses in the procedures, processes and human behaviour that have a strong impact on the company’s cyber security and its most vulnerable and valuable assets, like data.
- Technological vulnerabilities – these are weaknesses in the technology itself, meaning that it’s outdated or misconfigured, and unable to fully protect the company from cyber crime.
Although these vulnerabilities might affect any company of any size, small and medium-sized companies are affected the most because of constraints on their resources and access to knowledge.
Tight budgets and a lack of expertise are not an obstacle
SMEs’ cyber security budgets cannot be compared to those of international corporations, nor can the knowledge and capabilities their staff possess.
While large organisations can count on teams of cyber security professionals, a high budget and the latest technology available, small and medium-sized companies often don’t have a dedicated staff and budget to develop and implement a sound cyber security strategy.
They’re often not prepared to fight cyber crime or to reduce their exposure to cyber risks. “Cyber crime is an ever evolving problem that affects all businesses, but hits smaller firms the hardest as they struggle to absorb the costs the most”, said Mike Cherry, National Chairman for the Federation of Small Businesses (FSB). “They also do not have the same expertise, resource or time to deal with cyber crime”.
Improve your cyber security with Cyber Essentials
To fight cyber crime, small and medium-sized businesses need expert help at an inexpensive price. Although expertise at low prices seems too good to be true, it is possible to find. With the Cyber Essentials – Get A Little Help or Cyber Essentials – Get A Lot Of Help solutions, SMEs can:
- Adopt the Cyber Essentials scheme to improve their cyber security and demonstrate to third parties that they take cyber security seriously;
- Reduce their exposure to cyber risks by implementing five security controls that can prevent around 80% of basic cyber attacks;
- Ensure that all procedures and processes to implement the five controls are in place using the Cyber Essentials Toolkit included in both solutions;
- Achieve the Cyber Essentials certification with the help of IT Governance’s experienced consultants, who will guide them through the entire certification process.
Being small AND cyber secure is possible.
Establish minimum cyber security with Cyber Essentials >>
If you want to know more about Cyber Essentials, how it strengthens your company’s cyber security and improves businesses efficiency, download this free guide.