Security Landscape for SMB's
The Cyber Security Landscape
1 in 2
Organizations have experienced a successful cyber attack in the last 3 years
61%
of UK SMBs use antivirus software, but a significant portion lacks more advanced security measures like firewalls or encryption.
59%
Consider that their company is at higher risk of having a cyber attack that would have a substantially negative impact on their company
62%
Of small to medium sized business do not use any form of authentication for passwords.
Top 5 tactics in a successful attack
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Fishing
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Malware
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DDoDs
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Ransomware
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Social Engineering
3 in 5
Organizations have increased their cyber security budget in the last 2 years.
£8k-25K
The average cost of a cyber-attack on an SMB in the UK is estimated to be between £8,000 and £25,700, depending on the scale of the breach.
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58%
of SMBs express concerns over the security of cloud services, though many still rely on cloud-based solutions for their operations.
60%
of SMBs that experience a significant cyber-attack go out of business within six months due to the high recovery costs and loss of customer trust.
35%
of SMBs are fully compliant with GDPR requirements, which increases their risk of penalties in case of a data breach.
£8k-25K
The average cost of a cyber-attack on an SMB in the UK is estimated to be between £8,000 and £25,700, depending on the scale of the breach.
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Key Takeaways
The takeaway from these statistics is clear: cybersecurity is not just an optional consideration for small and medium-sized businesses (SMBs) in the UK—it’s a critical necessity. The fact that 96% of cyber-attacks are aimed at SMBs underscores the reality that no business is too small to be a target. Yet, many SMBs are still underprepared, with significant gaps in their security measures, such as the lack of cyber insurance, inadequate employee training, and insufficient use of basic protective tools like multi-factor authentication.
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For your business, this means that the stakes are high. A single cyber-attack can have devastating consequences, from the immediate financial impact to long-term damage to your reputation. With 60% of SMBs going out of business within six months of a major cyber-attack, the implications are stark: failing to invest in robust cybersecurity measures can jeopardize the very survival of your business.
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However, it’s not just about avoiding disaster—it’s about ensuring that your business is resilient, trustworthy, and capable of thriving in today’s digital landscape. By proactively addressing these vulnerabilities, you not only protect your assets but also build a foundation of trust with your customers, who expect their data to be handled securely.
In light of these statistics, it’s essential to take action now. Strengthen your defences, educate your team, and consider consulting with experts here at Levy&Co M365 Technology Solutions to ensure your cybersecurity measures are up to par. Your business’s future could depend on it.
Final Thoughts
The security landscape for small and medium-sized businesses (SMBs) in the UK is increasingly complex and fraught with challenges. As cyber threats evolve in sophistication and frequency, SMBs find themselves on the frontline, often with fewer resources and less expertise to defend against these dangers compared to larger enterprises. This makes them prime targets for cybercriminals.
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SMBs face a range of threats, from phishing attacks and ransomware to data breaches and insider threats. The shift towards remote working and increased reliance on digital tools have only heightened these risks. Yet, despite the growing threat, many SMBs lack adequate cybersecurity measures. Alarmingly, a significant portion of SMBs do not invest in cyber insurance, leaving them vulnerable to potentially devastating financial and operational consequences.
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The implications of a security breach for an SMB can be severe—loss of customer trust, financial penalties, and even the potential closure of the business. As such, it’s crucial for SMBs to understand the importance of robust cybersecurity measures and to stay informed about the ever-changing threat landscape.
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At Levy&Co M365 Technology Solutions, we recognize the unique challenges that SMBs face in navigating this security landscape. We are dedicated to helping businesses like yours understand and mitigate these risks through tailored IT solutions that offer comprehensive protection without overwhelming your resources.
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To truly safeguard your business, it’s essential to stay informed and proactive. We invite you to explore our in-depth analysis of the current security landscape for SMBs, where we delve deeper into the specific threats you face and the strategies you can implement to protect your business. Don’t wait until it’s too late—take control of your security today.