Vulnerable SMEs Targeted By Hackers

Two-Thirds Of SMEs Have Now Been Victims Of Cyber-Attacks

22.04.2015

Specialist business lawyers are calling on SMEs to not underestimate the importance of data protection issues, after new research revealed attacks on smaller firms are increasing in both frequency and severity.

Of the 67% of SMEs who reported cybersecurity breaches, almost half (33% of all SMEs) had suffered an attack during 2014.

A company's reputation, and even its very existence, can be threatened by a cyber-attack such as a hacking. However, a great deal of research has found that SMEs believe adequate cybersecurity is too complicated, too expensive, and too time-consuming to implement.

Despite this, many firms are beginning to recognise the importance of improving security measures. For example, a growing number of firms are implementing quality standards such as ISO27001, which increase resilience through stronger passwords and security updates.

A recent survey by the Daily Telegraph found that 57% of firms were planning to implement ISO27001, and 96% of those that had said the accreditation played an important role in cybersecurity.

Expert Opinion
Online platforms and systems offer huge benefits to small businesses, allowing them to compete effectively with larger businesses within their sectors.

"However, for all of the benefits, it must always be remembered that using such systems can leave SMEs open to risks related to security and the protection of key corporate or client data.

"Major data breaches can do significant damage to businesses, both from a financial and a reputational perspective – which means that the issue simply cannot be ignored. We would urge any smaller firms that are yet to consider key security issues to speak to lawyers to ensure their systems and practices comply with relevant regulations."
Steven Beahan, Partner