Why SMEs need to be Aware of Cyber Security

It was a turbulent time for business across the globe in 2020 and, whilst the situation is improving in 2021, there are still obstacles to overcome. Not least of all is the ever-present issue of cyber security: an average of 57% of SMEs admit to a breach in 2020, and 86% of organisations expect attacks to increase going forward.

As business focus on recovering revenue streams and driving growth, investing in cyber security is often overlooked. But with the risk of cyber attacks, data breaches and fines all more acute than ever, covering the basics of cyber security is essential for SMEs in 2021.

In our role as a trusted advisor to SMEs and enterprises alike, Bulletproof has heard a wide range of objections and opinions on cyber security. To help SMEs understand why cyber security is essential in 2021, we’re presenting the most common real-world myths that our security consultants hear. Some of these might be on your mind too, so it’s important to realise the consequences of these attitudes, and ultimately show why SMEs should care about cyber security.

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It’s becoming clear that what SMEs really need is to cover the basics. Even a very modest investment in your cyber defences, such as £60 per month, will stop the vast majority of opportunistic attacks. Here’s Bulletproof’s recommendations to give SMEs the best protection for the least financial impact:

1. Run penetration tests once a year and VA scans once a month

Pen tests and VA scans are not difficult or time-intensive tasks, and they’re the best way to find your security flaws before a hacker exploits them. They’re also very affordable. As with all security scans, ensure you act on the results!

2. Train your staff

As mentioned above, basic security training is a cyber security super weapon. Training schemes can be procured cheaply and delivered quickly. There’s a variety of schemes out there to best fit your business model. If on-site training doesn’t suit you, what about self-led learning videos with interactive quizzes?

3. Get Cyber Essentials certified

Gaining a reputable certification such as Cyber Essentials is a great way to build trust and credibility, and enable you to bid for UK Gov, NHS and MoD contracts. Cyber Essentials is backed by the UK Government and is specifically designed to be ‘first step’ certification. This means the measures it mandates are cheap and simple to enact for even the smallest SME.

4. Invest in endpoint

With remote workers using either their own devices or hastily-acquired corporate devices, chances are that the device security isn’t up to standard. Having up-to-date endpoint protection is a basic component of cyber security and this simple step can protect against a wide variety of opportunistic cyber attacks, as well as play a part in preventing more sophisticated attacks

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Put simply, if an SME isn’t doing the basics then it’s just a matter of time before you’re hacked and your data is breached. In fact, recent research by Vodafone says one million small businesses at risk of collapse due to cyber security threats.

Regulatory action is also an issue to bear in mind. The ICO regularly fine companies big and small for breaches where personal data is affected. Falling foul of GDPR or PECR regulations can have large financial repercussions. As mentioned above, BA and easyJet were both fined around £20 million for their breaches, which grabbed headlines around the world, but many smaller businesses are issued with significant monetary penalties every single month.

But there’s more for an SME to consider beyond fines, reputational damage and data breaches – cyber attacks can also slow down your app development or leak your killer first-to-market ideas. Don’t forget that sometimes hackers just want to cause damage. If you’re one of the 57% of UK organisations who are targeted by ransomware, and you’re not perfect with your backups, you’ll find that you no longer have a business left to salvage.

When it comes to cyber security, the risks are real, but so are the benefits. Getting the basics right is affordable for all sizes of SME and will go a long way to keeping your business stable and in a position to concentrate on growth. Plus there’s the added benefit of enhancing your reputation and building trust with a customer base that’s increasingly aware of security and privacy. This is why SMEs should care about cyber security.