In a recent study, Markel Direct, an insurer that specializes in small business, identified the top cyber security concerns for UK small and medium sized businesses (SMEs).
The survey on 500 SMEs found that 62 percent of owners of small businesses are most concerned about the sophistication of cyber-threats.
Cyber criminals are increasingly utilizing artificial intelligence (AI), machine learning and other technologies to launch more complex attacks. This has increased anxiety among SMEs who are trying to adapt to the digital era and contend with evolving threats.
Another concern is the security of remote working environments. The shift to remote or hybrid work models, as 23 percent of SMEs have noted, introduces additional risk. These arrangements, while flexible, require robust measures to protect sensitive company data that is accessed outside of traditional office settings.
Work Safety Measures
According to the survey 72 percent of SMEs have invested in anti-malware and antivirus software and 69 percent update their system regularly. Multi-factor authentication is used by 52 percent, while email filtering reduces spam and phishing.
Virtual private networks (VPNs), which are used by 52 percent of respondents, are also reported. Less than half (48%) provide training to SMEs on secure remote working practices. Meanwhile, 46 percent enforce policies and controls for remote access.
The study revealed significant gaps despite these efforts. Around half (49%) admitted that they wouldn’t know how to react to a cyberattack, and 69 % do not have a formal policy on cyber security in place.
Take Proactive Measures
Many SMEs have taken steps to reduce cyber risks. The study found that 43 percent were not properly trained in best practices and potential threats. This leaves organisations at risk of avoidable risks.
The study highlights areas in which SMEs can strengthen their defenses. Over half of businesses (53%) lack cyber insurance that would mitigate the financial and operation impact of a data breach. A basic but effective measure to prevent cyber-attacks is not encouraged by 35 percent of companies.
Only 44 percent of respondents reported using data encryption. Just 46 percent of SMEs perform regular data backups that are essential to recover in the event of a cyber attack.
A Growing Threat
Rob Rees said that staying ahead of cyber-threats is important for small businesses, especially since AI-driven attacks are continuing to evolve. Cyber insurance and a strong cyber security policy can protect your business from targeted attacks.
Nearly half of SMEs said they didn’t know what to do if they were attacked by a cyber-attack. This can be crucial to minimizing the impact. Markel Direct policyholders have access to a cyber-response helpline, so they can get expert advice in the event of a cyber security breach.
