Approximately two-thirds of UK SMEs are avoiding the cost of better online security during the next year disregarding the high threats regarding their businesses safety.
A vast number of SMEs are not putting online security as a priority even despite the looming influence of the European Union’s current data protection legislation – the General Data Protection Regulation (GDPR).
According to Close Brother’s quarterly survey which goes out to UK SME owners and decision makers, 63% have decided not to invest in online security which will help them further and only 37% have suggested that they are going to.
Ian McVicar, managing director of Close Brothers Technology Services has said;
“Businesses of all sizes should be aware of their responsibility when it comes to protecting customer data. Keeping customers’ details safe are at the core of the EU’s new data protection legislation.”
Blurry lines have evolved surrounding the effect of cybercrime on SMEs businesses and if they are ready for it, 57% of UK SMEs are fearful of what cybercrime could do to their business if they were to suffer from it whilst 36% are not.
The survey found that just 41% believe they are “adequately protected,” 17% feel “unsure” about how protected they are and 21% are aware of how serious it is but “haven’t had time to look into it.” The remaining 21% don’t believe “it is an issue for our business.”
When the question; “Do you have data breach/security policies in place around the use of email internet and mobile devices?” was sent out to 850 UK SME owners just over half of those who responded (51%) answered “yes,” 38% admitted “no” and 11% are “unsure.”