SMEs: Why Cybercrime can be a threat to your cashflow and your reputation

We hear in the news regularly about major companies being hacked and personal data being stolen…but should small and medium-sized businesses be concerned about the risks of cybercrime?

Recent reports have suggested that SMEs are underestimating the impact cyber attacks could have on their profitability and their reputations.

The minister of culture and the digital economy, Ed Vaizey, states that even though small businesses are driving economic growth across the UK, many are still vulnerable to cyber breaches, potentially costing them thousands of pounds worth of damage.

According to research by PwC, 60% of small businesses have suffered a malicious cyber breach in the last year, with some businesses disrupted, on average, for 7 to 10 days.

The most common problems include:

  • Staff exposing IT systems to malware
  • Opening infected emails
  • Using unsafe websites
  • Poor device passwords
  • Out-of-date software

Not having the appropriate IT protection in place will leave your business vulnerable to potential attacks and financial problems. The Federation of small businesses state that ‘the cost of cybercrime can be a barrier for growth and in the worst cases, can put a firm out of business.’

So what can your business do to protect itself from cybercrimes? Here are a few tips:

  • Have your IT systems up-to-date
  • Use malware and anti-virus software
  • Have cyber security practices in place for employees (see our blog about Cyber Essentials)
  • Ask IT solution specialists for help

SCS Technology Solutions are here to provide you with guidance and assistance with your IT systems, making sure the right security protection is in place and minimise business disruption.

If you have any questions about cyber security and need any advice, please give us a call on 0800 9520652 or email sales@scstechsolutions.co.uk

(Source: This is Money)