Small businesses in the United Kingdom are confronting an alarming average of five cyberattacks each year. This troubling statistic emerges from recent research and underscores the growing threat posed by online criminals.
A significant number of IT decision makers within these small to medium-sized businesses (SMBs) believe that their security measures are not keeping pace with the increasing sophistication of cyber attackers. Notably, nearly 20 per cent of these SMBs have faced up to ten attacks in the past year alone, according to an independent report commissioned by online encryption specialists.
A key concern for IT leaders is that current security and encryption software is predominantly designed either for individual consumers or large-scale enterprises and governmental bodies. As a result, SMBs find it challenging to implement effective security solutions tailored to their specific needs. Less than half of the surveyed IT decision makers feel confident in their ability to protect against cyber threats with their existing tools and systems to the same standard as larger organisations.
Additionally, a third of respondents believe that the UK’s small business community, which constitutes 99 per cent of all businesses according to the Federation of Small Businesses, is being neglected and consequently placed at higher risk compared to their larger counterparts.
The study highlights varying levels of cyberattacks among SMBs: 17 per cent of companies experienced at least one attack in the past year, 28 per cent encountered attacks two to three times, 32 per cent faced four to five attacks, and 19 per cent were attacked six to ten times. Alarmingly, 2 per cent reported being targeted up to twenty times.
Paul Rosenthal, CEO and founder of the online encryption specialist firm, emphasised the vulnerability of SMBs in the cyber security landscape. He stated, “It is the case that small and medium businesses are at a disadvantage in the cyber security arms race because software and platforms are not being effectively designed for them, so they have to shoehorn consumer or large enterprise grade solutions into their company which don’t work in small businesses.” Rosenthal further advised that small business owners need to dispel the notion that their size exempts them from the attention of cyber criminals.
With the advent of automated mass targeting techniques, small businesses are now at a heightened risk of cyberattacks, making it imperative for them to reassess their cybersecurity strategies and adopt more suitable solutions.
The landscape of cyber security for small UK businesses is fraught with challenges that demand immediate and tailored strategies. As the frequency and sophistication of cyberattacks continue to rise, it is crucial for SMBs to enhance their security measures and seek solutions that cater specifically to their operational scale.