Cyber crime remains leading concern for West Midland businesses
A FIFTH of SMEs in the West Midlands have suffered an online security breach in the last 12 months, according to a new survey.
The poll conducted for the latest quarterly Close Brothers Business Barometer also shows 59% of SME owners are very concerned about the impact this type of crime could have on their business.
The three-month poll gauges the sentiment of SME owners and senior management on a range of issues.
Mike Randall, CEO of Close Brothers Asset Finance said: “Cyber crime, including data corruption, hacking and virus infections, can prove to be a major barrier to growth for small firms. In fact, the Department for Business, Innovation & Skills estimates that this kind of attack costs the targeted company an average of £35,000 to £65,000.
“Clearly, this money could be much better spent investing in people, processes and equipment for growth. There could also be a wider impact on the economy, as smaller firms may decide against embracing new technology and trading online due to fears about cyber security.”
While 61% of SMEs surveyed in the West Midlands said that protection against online crime was a high priority and that they have invested in this area, 10% admitted that although they believe it to be an important issue, they had yet to look into it.
“It’s imperative that businesses in the SME sector review any potential vulnerabilities and take steps to address them,” added Randall.
“No business would leave their office unlocked all night, and they need to take online security just as seriously. Smaller businesses shouldn’t allow themselves to become easy targets thanks to lacklustre prevention policies.”
