CYBERSECURITY is one of the biggest threats SMEs face at the moment. The fear of experiencing a data breach doesn’t seem too strong for companies to take action, considering that only 22% of micro and small businesses in the UK have a proper cybersecurity strategy. In contrast, 81% of companies state that cyber security is a priority. A few reasons can be identified to justify the lack of cyber resilience, such as assuming that the essential minimum is sufficient and envisioning cyber security as something too complex.
Companies need to prioritise cyber security more, which is why NGOs and universities mitigate the importance of surveillance in the modern world. Most of these initiatives are spread around at conventions and conferences where business owners can participate to get more knowledgeable and protect their organisations.
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Aberdeen University discusses risk management factors in a recent paper
In a recent document review, the University of Aberdeen gathered forces from the Accounting and Computing Science departments to analyse cybersecurity risk management in SMEs. One of the most important aspects discussed touches on how companies misunderstand cyber threats and therefore increase their vulnerabilities that are easy to take advantage of. Unfortunately, the repercussions of failing to asses proper cyber security include data breaches that usually lead to customers’ identity being stolen, which puts the business in a sensitive spot legally speaking.
The paper also addresses cyber security risks in recent years that presented a growing trend. It seems like ransomware and malware are common issues companies must deal with, along with phishing and unpatched vulnerabilities. According to how these hacks function, we can conclude that if SMEs had better employee training and invested more in cybersecurity, hackers might not have the same chances of breaking their systems.
But why is cyber security so important for SMEs?
SME managers may consider that hackers don’t target smaller organisations as they won’t yield the same profits as with corporations, for example. However, this is where they’re wrong because small businesses are the first option to hack. After all, their systems are weaker and less invested in. According to https://www.databreachcompensationexpert.co.uk/data-breach-compensation/, the risk of a data breach means personal data has been exposed, which is the case of a compensation claim, and these processes are difficult and expensive to tackle.
Besides the legal point, the company affected will go through considerable financial losses and reputational damage that affects its image, and repairing it to become trustworthy again is almost impossible. For example, MyBixHomepage was once a reputable online service that was valued at $100 million, but after a cyberattack, the company never recovered.
Not prioritising customers’ information is a red flag that users are aware of. Therefore, companies are missing out on competitiveness by leaving out such an important aspect. Of course, this leads to low-profit rates and fewer media coverage, which worsens as hackers learn more about stealing data.
Can SMEs protect their systems and mitigate cyber awareness?
SMEs may not have the financial resources to develop this sector, but they have the power and innovation to protect information and spread awareness. For example, maintaining the basic minimum of using strong passwords on employees’ accounts and documents is a top priority.
Another security layer can be provided by using antivirus software, which offers a rapid analysis of possible digital threats. Finally, training employees on cyber security and keeping an eye on the latest hacking processes is the best thing to do to keep the company safe.
Unfortunately, these tips won’t help companies protect their systems 100%, and that’s because hackers are always one step ahead of the rest of the world’s systems. For example, there’s this new Russian-linked malware that has just been discovered and targets industrial systems.
On the other hand, mitigating cyber security will attract trust from potential customers. Companies can create social media posts that discuss the latest technology threats or organise conferences where different personalities from the tech sector can debate cybersecurity-related subjects.
What Covid-19 taught us regarding cybersecurity
Hacking can’t be stopped because happenings like Covid-19 disrupt the systems and make systems and consumers more vulnerable to mistakes and errors. During the pandemic, individuals were more likely to expose their information since they were working from home, and companies weren’t focused on cyber security aspects. At the same time, Covid-19 was the perfect opportunity for scammers to take advantage of the situation, which is why phishing cases increased during that time.
Fake advertisements, lockdown scams and financial support scams were frequent two years ago and have impacted millions of people. Only in the UK last year, 70,000 people receiving fake texts from banks had their data stolen and even their money.
We don’t know when similar occurrences will happen or in which way they’ll affect us. Extreme weather, corruption and health crises will always cause insecurity, but companies should know that they’ll never be prepared to face these times. However, what they can approach is keeping their calm and finding a plan for what’s most important in the organisation.
No matter how many unfortunate events will take place, businesses can become more human and approach a different strategy to protect themselves while withstanding difficulties. Success is also about luck because not all industries were affected during the pandemic. Pharmaceuticals, communication and healthcare equipment were in the most demand, leading to their thriving amid financial insecurities. On the other hand, airlines had huge losses, and on top of that, they were facing rising waves of cyber attacks during and after the pandemic due to a lack of staff and improper safety management.
Bottom line
As cyber security concerns are rising among SMEs, organisations and universities mitigate the importance of taking action in protecting customer data. Aberdeen University was one of the official bodies discussing cyber resilience and the risks a company is exposed to when it comes to not investing in cyber security or lack of employee training. We hope their considerable help will positively impact future company cultures and organisations will prioritise cyber security.
