{"id":8089,"date":"2022-05-04T16:41:54","date_gmt":"2022-05-04T15:41:54","guid":{"rendered":"https:\/\/cybersmart.com\/?page_id=8089"},"modified":"2022-07-26T14:34:34","modified_gmt":"2022-07-26T13:34:34","slug":"cybersecurity-for-smes","status":"publish","type":"page","link":"https:\/\/cybersmart.com\/cybersecurity-for-smes\/","title":{"rendered":"Cybersecurity for SMEs"},"content":{"rendered":"\n

Cybersecurity for SMEs<\/h1>\nCybersecurity. We\u2019re all aware we need to do something about it.\u00a0After all, 65% of businesses<\/a>\u00a0report having suffered a breach in the last 12 months.Cybersecurity. We\u2019re all aware we need to do something about it. <\/span>After all, 65% of businesses<\/span><\/a> report having suffered a breach in the last 12 months.\u00a0<\/span><\/p>\n

However, when it comes to cybersecurity for SMEs, things get confusing. As an SME owner, you probably have a limited budget (not to mention time) for cybersecurity.<\/span><\/p>\n

And, with so many different tools and options available, how do you see the wood from the trees?<\/span>
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Well, we\u2019ve got you covered. Strap yourselves in for a whistlestop tour of cybersecurity for SMEs. We\u2019ll cover why good cybersecurity is so important, the main threats SMEs face, and explain some of the tools you can use to protect your business.<\/span>\n

Why is cybersecurity so important?<\/b><\/h2>\nAwareness of the threat posed by cybercrime is pretty good. By now we\u2019re all used to seeing headlines about the latest data leak or ransomware saga.\u00a0<\/span><\/p>\n

However, among small business owners, there\u2019s often a misconception that it only happens to large, high-profile organisations. After all, why would a cybercriminal attack a start-up or small business with little to steal?<\/span><\/p>\n

Unfortunately, this couldn\u2019t be further from the truth. An SME is successfully hacked every 19 seconds in the UK,<\/span> according to Hiscox<\/span><\/a>. And over <\/span>88% of UK businesses <\/span><\/a>suffered a data breach in the last year. That\u2019s a lot of SMEs when you consider that the <\/span>FSB estimates<\/span><\/a> small businesses account for 99.9% of the business population<\/span><\/p>\n

For those SMEs who are successfully breached the fallout can be disastrous.\u00a0<\/span><\/p>\n

First, there\u2019s the financial impact. Cyber breaches cost the average small business<\/span> \u00a325,700 in basic \u2018clear up\u2019 costs every year<\/span><\/a>. But it\u2019s not just clean up costs, systems downtime during and after the breach could impact productivity and cost you valuable business. And this is before we factor in the payment of any ransoms or theft of financial assets.\u00a0<\/span><\/p>\n

Then there\u2019s the reputational damage and loss of customer trust. It can take years to build customer relationships, a successful cyber attack can undo that in seconds.\u00a0<\/span><\/p>\n

Finally, a cybersecurity breach can come with legal consequences for your business. Data protection and privacy laws require businesses to secure any personal data they hold \u2013 both for staff and customers. If this data is leaked or compromised and you\u2019ve failed to adequately protect it, you could face a hefty fine or regulatory sanctions.<\/span>\n

What are the main threats SMEs face?<\/b><\/span><\/h2>\n2020 was the year the world of work changed forever. But while remote working offers many benefits to SMEs, from happier, more productive staff to real estate savings, it also brings risks with it.<\/span><\/p>\n

Can you be sure your people will follow the same security protocols they would in the office? The networks, devices, and security tools your staff use at home are likely to be far less secure than those in the office. And it\u2019s not just the tools they use; as ZDNet has reported, 52% of employees believe they can get away with riskier online behaviour when working from home.<\/span><\/p>\n

So it\u2019s perhaps not surprising that 91% of global businesses have seen an increase in cyber attacks as a result of employees working from home. <\/span><\/p>\n

For more on remote working, <\/span>download our ebook<\/span><\/a>. <\/span>Ransomware is the new kid on the block when it comes to cyber threats for SMEs. Once a concern for big-name businesses with large budgets, ransomware is increasingly affecting SMEs as cybercriminals switch their focus to easier targets.<\/span><\/p>\n

Sadly, this is also backed up by the statistics. 1 in 2 SMEs have been attacked by ransomware and more than 73% have paid out to get their data back. The consequences can be disastrous, ranging from company downtime to reputational damage and even bankruptcy.<\/span>According to research, up to 80% of cyberattacks now begin in the supply chain. Cybercriminals have realised that to target high-profile businesses, you don\u2019t need to attack the organisation itself. Big corporate enterprises often have the best cybersecurity tools and processes, so breaching their defences is difficult.<\/span><\/p>\n

However, the SMEs who supply or provide services to these big companies usually have far more modest defences. And, crucially, they provide a \u2018backdoor\u2019 into bigger organisations by being part of the supply chain. A breach at even the smallest link in the supply chain can have dire consequences for everyone within it. And this makes SMEs a prime target for cybercriminals with an eye on big enterprises.<\/span><\/p>\n

Read more on supply chains here<\/span><\/a>. <\/span>Most of us know the importance of strong passwords, but that doesn\u2019t stop us from using the same easily guessable phrase we\u2019ve been using since 2001 for everything. We\u2019re only human after all.<\/span><\/p>\n

The problem is that this poses a huge security risk. Research from the UK\u2019s National Cyber Security Centre (NCSC) revealed that the 100,000 most commonly used passwords were responsible for millions of breaches worldwide. And It only takes a cybercriminal to crack one insecure password in your business for disaster to strike.<\/span><\/p>\n

Read more about the importance of passwords <\/span>here<\/span><\/a>.<\/span>Without a doubt, the most common cyber threat to small businesses is a phishing scam.<\/span><\/p>\n

A recent report from CybSafe, reveals that <\/span>nearly half (43%) of UK SMEs were targeted by a phishing attempt in 2019<\/span><\/a>. Even more alarmingly, two thirds (66%) of those attempts were successful, demonstrating the threat phishing scams pose.<\/span>
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\n<\/span>For more on how to avoid phishing scams, <\/span>read this<\/span><\/a>. <\/span>According to recent research,<\/span> 95% of cybersecurity breaches are caused by human error<\/span><\/a>. <\/b>However, before you start picking on Barbara in accounts, it\u2019s important to note that most cybersecurity experts agree that \u2018blaming\u2019 staff for cybersecurity failures isn\u2019t productive or helpful.<\/span>
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\n<\/span>Instead, they advocate adopting a no-blame culture when it comes to cybersecurity, more on which in the on training section.\u00a0<\/span><\/p>\n

To find out more, <\/span>check out our blog on the subject<\/span><\/a>. <\/span>\n

How can SMEs protect themselves from cyberattacks?<\/b><\/span><\/h2>\nSo far, we\u2019ve dealt mostly in doom and gloom. However, there\u2019s plenty SMEs can do to protect themselves from most cybersecurity threats, often at little cost.\u00a0<\/span><\/p>\n

From government-backed certifications to simple fixes, here are a few of the options open to you for improving your cybersecurity.\u00a0<\/span>\n

Cybersecurity certifications<\/b>
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Cybersecurity certifications are a relatively new invention. For example, the UK government\u2019s Cyber Essentials scheme was only conceived in 2014 as a response to growing concerns about businesses\u2019 cybersecurity. <\/span>
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\n<\/span>However,\u00a0 while they might be new, certifications have quickly become an important part of the fight against cybercrime.\u00a0<\/span><\/span><\/p>\n

But what are they and how do they work? And, more importantly, why should you bother?\u00a0<\/span> <\/span>\n

The Benefits of cybersecurity certifications<\/b><\/span><\/h3>\n

Although all the major certifications have subtle differences, they do offer a few key benefits in common.<\/span><\/p>\n