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SMEs

Should SME’s be worried about Cyber-attacks?

SMEs

The UK Government is being urged to help small businesses tackle cyber-crime after new research suggested they are being subjected to almost 10,000 attacks a day.

A survey of more than 1100 SME’s showed that one in five reported a Cyber-attack had been committed against its business in the last two years.

More than seven million individual attacks are reported over the same period, equating to 9741 a day, said the Federation of Small Businesses (FSB).

The annual cost of the attacks is estimated to be £4.5 billion, with some business’s incurring costs and damages of many tens of thousands of pounds

More than half a million small firms were hit by a phishing attempt, while others reported malware or fraudulent payment requests, said the FSB.

Those based in the North West, South East, and West Midlands are most likely to be the victims of Cyber-attacks, the study indicated. One in three small firms said it has not installed Cyber security software over the past two years, while four in 10 did not regularly update software, or manage patches.

The FSB said: “The issue of business crime is overlooked too often, even more so of late in this climate of sustained political uncertainty and inaction. Meaningful steps must be taken to safeguard our small firms, and by extension the wider economy.”

Meanwhile, listed British firms posted their weakest performance in three years over the last quarter as the economic slowdown took its toll

Brexit uncertainty and trade tensions weighed on the UK’s biggest public companies, according to the Share Centre’s Profit Watch UK report for the three months to June. The retail stockbroker’s analysis revealed that a third of FTSE 350 companies posted lower sales in the second quarter.

Firms saw revenues inch up 1.6% for the period, but growth was largely sustained due to the devaluation of the pound, amid traders’ concerns over the increased likelihood of a No-Deal Brexit.

andrew-krauze-author
Andrew Krauze
Co-founder & CEO, Edge IT Group

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