If you’re a small business owner with a finger in every proverbial pie, facing the anxiety-inducing effects of a cyber attack is one stress too many. The anxiety is even worse for SME owners who don’t operate in the tech or I.T industries, where many don’t have the industry knowledge to tell them where to start if their systems have been breached.
With companies worldwide going almost completely digital, office computers and related systems have become the most prized possessions of businesses and is where their most useful data and confidential information is stored. However, this also means that it’s become a treasure-trove for cybercriminals too.
How big is the threat?
The impact of cybercrime on UK SMEs is serious and is evidenced in research produced by insurance firm Hiscox last year.
Their research claims that over half of our small businesses have no cybersecurity strategy in place. This lack of security planning has resulted in as many as 65, 000 attempted hacks every day, says the firm.
They’re costing SMEs dearly
Cyber attacks aren’t merely a frequent occurrence for small businesses, they’re costly too.
Last year the average financial impact of cyber attacks was 25, 700.
But not only do businesses have to ‘pay out’ due to cyber-attacks via the costs of ransoms and replacing expensive hardware, but they can also suffer reputational damage that simply can’t be quantified.
We all know that implementing new strategies within businesses doesn’t happen overnight. So with that in mind, let’s turn to what SME businesses with limited cybersecurity knowledge can do in the immediate aftermath of a cyberattack. After which, they’ll hopefully implement longer-term preventative strategies to stop this from happening in the future.
SMEs have to have an effective response plan in place to control the situation as quickly as possible with minimum impact to them and their customers.
This means avoiding going into panic and pay? mode. A threat may emerge, and it may feel like it’s crucial to act instantly and cave into hackers? demands. However, providing they have undertaken the correct risk assessment, and have a comprehensive cybersecurity insurance policy in place, SMEs can put a stop-gap in the middle.
Annie May is the Features Editor at Real Business and Business Advice. Following her graduation from LSE, she embarked upon a freelance career in current affairs journalism. Annie has written on subjects varying from African history and contemporary politics to community business and current affairs news in London. At Real Business and Business Advice, Annie is passionate about highlighting inclusive and diverse business disruptors and organisations for our evolving readership. Annie believes in fostering community inclusion and has volunteered for organisations such as Fairfield House, a UK based Rastafari centre and a senior citizen association for ethnic minority men and women.