Small businesses underestimate effects of cyber crime, suggests research

Small businesses underestimate effects of cyber crime, suggests research

A new study claims that small firms are failing to see how their reputation could be affected by cyber crime.

The research comes from Cyber Streetwise, a cross-government campaign, along with professional service company KPMG.

The study discovered that an overwhelming majority (93%) of small firms surveyed considered their firm’s reputation often, if not all of the time. However, they also failed to consider how it could be affected by a breach.

Cyber Streetwise is financed by the National Cyber Security Programme and delivered through a partnership with the voluntary and private sectors. The Home Office leads the campaign and has a close working relationship with the Cabinet Office, and  Department for Business, Innovation and Skills.

Sandra Dexter, National Vice-Chairman of the Federation of Small Businesses, said:

“To grow their business and reach new markets, smaller businesses want to embrace the opportunities a digital world provides.

“Recent FSB research shows that 66% of small firms already trade online or want to do so. However, greater use of technology also means greater vulnerability to digital threats.”

Dexter went on to say that a data breach can happen in any business of any size, and that company owners should not underestimate the consequences to reputation and growth. In the case of startups, it could even lead to potential closure.

This is exactly why cyber security jobs need to hold a higher priority in the eyes of business owners. They are more valuable than given credit for and their value is likely only to grow form hereon in.

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