Every second small and medium-sized business in the UK could be forced to close if they were hit by a major cyberattack, a new study suggests.
The report, titled “Size Does Matter,” details the challenging climate for UK SMBs in a time of rapid political, economic and social change. It found that almost half (48 per cent) of businesses have had to prioritise cybersecurity at the expense of growth-fuelling projects, just to keep the business running.Second only to Brexit, cybersecurity threats are the biggest source of uncertainty meaning small businesses spend almost a fifth of their workweek, almost one full workday, working on cybersecurity tasks.
Nearly half (48%) of the cases negatively impacted relationships, with almost a quarter (22%) admitting they are no longer a supplier as a result.
“SMBs can no longer consider themselves too small to be targets. They need to use their nimble size to their advantage by quickly identifying risks and educating everyone in the business of how to mitigate those risks, because people will always be the first line of defence,” said Paul Barnes, Senior Director, Product Strategy, Webroot.
“Working with the right cybersecurity partner or managed service provider (MSP) to develop the right strategy for their size will allow smaller businesses to prioritise the activities that matter most and help them grow.”
Theo Paphitis, Business Entrepreneur and #SBS Small Business Sunday Creator commented on the research: “This research from Webroot shows that SMBs can no longer afford to believe they’re too small to be targeted. But it’s clear there needs to be a balance. It’s concerning that smaller businesses have had to deprioritise activities that would help them grow in order to address security issues. Educating small businesses on cybersecurity and helping them get the right support to address challenges is crucial. Small businesses are in the unique position to act quickly and be more flexible than their larger counterparts.”
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