Small businesses are leaving themselves open to potential threats with only 20% considering cyber security as a top business priority. This is according to new research by Barclaycard, which also found that 10% had never invested in improving the security of their website, putting them at risk from cyber crime.
The study also revealed that almost half (48%) had been hit by at least one cyber attack in the past year, with 10% experiencing more than four attacks. Almost one in five (16%) admit they were only prompted to review their cyber security when they were hit by an attack.
The latest Horizon Scan Report published by the Business Continuity Institute revealed that small businesses are no different to larger organizations when it comes to the main threats they face. In both cases the top threats were cyber attack and data breach.
Barclaycard's research found the majority (54%) of SMEs are concerned they could be at risk from an attack, but many lack the knowledge and expertise on how to better protect their business online. Only one in eight (13%) claim to be confident they understand enough about cyber crime to protect their business, and just one in six (15%) are very confident they have adequate measures in place.
Paul Clarke, Product Director at Barclaycard, said: “Businesses of all sizes face a constant and growing threat from cyber crime. As our research shows, many small businesses are failing take the necessary precautions, either because they don’t know how to protect themselves or, more worryingly, because they don’t think they need to. Cyber security is not a one-off investment that can then be forgotten about, especially as criminals are becoming increasingly sophisticated in the way they target businesses.”