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Why are SMEs not prioritising their online security?

Josh Bradley Sep 16, 2016 12:00:00 AM
Business People Using Computer Working Concept

Two-thirds of big businesses in the UK have been hit by a cyber attack in the past year, a statistic that will be familiar to many considering how much news coverage has been given to these large-scale security breaches.

But what about smaller companies? It seems that many small business owners are not concerned about the risks they face, as a recent survey found that the majority of SMEs in the UK are not planning to invest in better online security in the next 12 months.

Can you really afford to not invest in better online security?

Close Brothers Technology Services found during their quarterly survey of UK SME owners and senior management that 63% of companies have made the decision not to invest in better online security.

So why is this? According to the survey results, 21% of SMEs know that security is an important issue but ‘haven’t had time to look into it’, and 17% are unsure of their levels of protection. Only 41% of those surveyed felt their businesses were adequately protected.

Why SMEs need to get serious about backing up their data

Business owners need to have strategies in place for backing up and adequately protecting their data within the next 18 months, thanks to the imminent implementation of the EU’s new data protection legislation, the General Data Protection Regulation (GDPR). This new legislation was introduced in May 2016 and will take effect within two years.

Following the EU referendum, the Information Commissioner’s Office confirmed that even if the GDPR does not directly apply to the UK, the UK data protection laws would likely be updated to reflect the standards outlined in the GDPR so that the UK could continue to trade with the EU on equal terms.

The GDPR legislation could impact any business that holds customer data, as it requires all personal data collected to be used only for the purposes for which it was collected and rules that all data must be accurate and up-to-date. Non-compliance with the legislation could result in serious financial penalties, which no business owner wants to risk.

How you can improve your business security?

When asked whether they are concerned about cybercrime and the impact it might have on their business, the majority of SMEs said yes (57%). However, when asked whether they have security policies in place around the use of email, internet and mobile devices, only half (51%) of respondents answered ‘yes’. This demonstrates the gap between business owners worrying about security, and those actually taking steps to find solutions and put safety measures in place to prevent possible breaches.

So what can you do to improve your business’ security? Firstly, set up company-wide security policies so that you have preventative measures and strategies in place. Secondly, consult an IT provider to ensure you are safe from threats- here at Netitude we offer IT backup and recovery services which provide security and safety for your data to help keep your business running smoothly.

In an age where data is one of the most important commodities to any business, the importance of properly securing, backing up and encrypting your data cannot be underestimated. Contact us today to find out how we can help.

Have a query? Contact the team today!