In the United Kingdom, as in many other economies around the world, smaller businesses are the lifeblood of national prosperity. In essence SMEs *are* the private sector, according to the Department for Business, Innovation & Skills, they employ more people (60% in the UK in 2014) and generate almost half the total turnover of the private sector (48% in the UK in 2014).
Given the importance of these businesses to the UK economy, Trend Micro decided to attempt to discover just how ready many of these businesses are for the potentially devastating consequences of compromise.
Small businesses represent an attractive target for online criminals for several reasons; of course many of them hold or process a large amount of personal information, identities, legal, financial and medical records just for example. They also have less convoluted financial and banking arrangements, making them easier to exploit with traditional banking malware whilst also being less likely to be compensated for any fraudulent transactions. Quite aside from the dangers of information or financial theft, small and medium businesses are increasingly in the sights of sophisticated criminals looking for ways into larger organisations. In an attack technique that has become known as “island hopping“, determined attackers seek out the smaller business partners of their eventual target in the hope that they will be less security savvy and less well-protected. Fazio Mechanical Services has become the unfortunate poster child of the island hopping attack ever since it was used as a stepping stone to the huge Target data breach in late 2013.
So what did we discover?
We interviewed 500 key decision makers and business owners in UK SMEs to compile the research. Amazingly, only half of them said they rely on internet security tools to protect their organisation from cyber attack. In addition, just 44% said they knew how to check if their laptops, mobiles or tablets had been infected with malware. Three-quarters (74%) admitted to not fully understanding the legal implications of a cyber attack, while 67% said the same was true of the financial implications of an attack.
Tellingly, just 18% said they thought their data was worth stealing.
It isn’t only the internet security industry that is sounding the alarm and offering assistance to SMEs. The UK government too has recognised the threat. Last month Ed Vaizey, the Digital Economy Minister outlined how the voucher scheme, operated by the government’s Technology Strategy Board, Innovate UK would be extended to cover cybersecurity. This scheme offers businesses the chance to apply for £5000 in funding for specialist advice to help better secure their businesses and digital assets. Unfortunately right now there isn’t enough in the pot to cover every application, so lucky recipients are selected in a random draw on a quarterly basis, still as they say, you’ve got to be in it to win it…
in the meantime the key to online security lies in the selection of a trusted security partner. As a small business, your core skills are not in cyber security or network or system administration. You are focussed on growing your business, on being succesful and on being the best in your field, and rightly so.
There are other small and medium businesses like yours who are striving to be the best in their field too and their field is security. A specialist partner, providing a managed security service, will be able to provide you with the assurance and peace of mind that you need to focus all your efforts on success and who knows… You may even get the funding!
The research was conducted on behalf of Trend Micro via Vital Statistics – sampled 500 UK business owners and decision makers in August 2015.
Small Business Advice Week runs from 31st August -6th September 2015. More information can be found here: www.smallbusinessadviceweek.co.uk