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Cyber security challenges for SMEs

A recent study carried out by identity protection firm CSID found that approximately 74% of small businesses have suffered a security breach within the past year.

Despite the threat, over half (52%) of small businesses within the UK admit that they do not have measures in place to safeguard themselves against cybercrime. Additionally, a total 85.3% say they do not plan to increase security budgets going forward.

PwC's '2015 Information Security Breaches Survey' further highlighted just how vulnerable small businesses are when it comes to cyberattacks. The firm's data similarly revealed that 74% of small businesses have had a security breach in the last year, rising from 60% the previous year.

According to the professional services network, the average cost of a breach for a small business is in the range of £75,000 and £311,000. The higher end of the scale is four times the average cost of a breach recorded in 2014, which was £65,000.

Needless to say, protecting your small business from cybercrime is crucial. Just one cyber security breach could end up costing you thousands of pounds and put a huge strain on your business. Preventative measures include:

  • Making sure anti-virus software, malware and firewalls are correctly installed on servers, computers and mobile devices.
  • Keeping IT systems up-to-date and running the latest operating systems to ensure maximum protection.
  • Considering specialist technology such as encryption software.
  • Restricting equipment access.
  • Enforcing a strict policy with regard to passwords and screen locks; and changing passwords on a regular basis.
  • Keeping staff informed about security issues and carrying out regular checks to make sure employees are following procedures correctly.

By acquiring IT finance through Wesleyan Bank, you are able to purchase the software and tech you need to ensure your business is thoroughly protected. We can provide you with tailored, unsecured business loans for software and other intangible assets, which you will pay back over a set period of time to enable better cash flow management. Get in touch today to find out more.

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Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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