According to a recent study, small and medium-sized enterprises are increasingly falling behind in the fight against cyber threats. Half of SMEs stated that they had fallen victim to a security incident in the last year. This also applies to the packaging industry, which is predominantly characterised by SMEs.
Keeping up with new threats is the biggest IT security challenge for small and medium-sized enterprises (SMEs). More than half of them are therefore calling for help in coping with cyber risks. This is the result of a new global study by Sage. The study by the leading provider of specific SME solutions in the areas of accounting, finance, HR and payroll shows how SMEs perceive cyber security and outlines the main hurdles they face in this area.
With this study, Sage is endeavouring to, Demystify the topic of cyber security and turn it from a daunting challenge into a tool that allows SMEs to focus on growing their business, developing their teams and delivering an excellent customer experience.
The key findings of the study include
- Worldwide, 48 per cent of SMEs recorded a cyber security incident last year, 25 per cent even more than one. The figure for Germany was even higherIn Germany, 55 per cent reported a cyber security incident.
- 70 per cent of SMEs state that cyber threats are a major problem. However, 72 per cent feel confident in dealing with cyber security and 76 per cent check it regularly. German SMEs, on the other hand, let this review slide in international comparison. Only 68 per cent carry out regular checks - the lowest figure of all the countries involved.
- For 51 per cent, keeping up to date with new threats is the biggest challenge.
With cyber threats on the rise, it is crucial for SMEs to know what to look out for, where to start and how to contain costs when protecting their business against current cyber threats.
56 per cent of SMEs want cyber security companies to More education and support, while 45 per cent see government agencies and 43 per cent trustworthy technology partners as being responsible for this.
„Navigating the fast-paced world of cyber security can be intimidating for SMEs as they often lack dedicated expertise. Our research shows that while they are serious about cyber security, they want guidance to better understand and reduce the risks once they have overcome the common misconception that a firewall and tools can provide sufficient protection. At Sage, our mission is to simplify access to cyber security by building confidence through knowledge, resources and a people-centred approach, empowering SMEs to strengthen their cyber security, even with limited budgets.“
Ben Aung, EVP Chief Risk Officer at Sage
The study also shows that only 4 out of 10 SMEs regularly discuss the topic of cyber security, usually when something changes or goes wrong internally or when working with another organisation. In terms of size, smaller organisations are less concerned about cyber security, know less about cyber controls and generally invest less in cyber security. This is particularly true for German SMEs: only 54 per cent were concerned about their cyber security - the lowest figure in an international comparison. They also had the least knowledge in this area. For example, 60 per cent could not answer what the term „ransomware“ means.
The results of the study also show that two thirds of SMEs are prepared, spend more money to ensure better cyber security. 68 per cent say they would choose a more expensive provider if it offered better security measures and provided more information about the data protection and security of its products.
„Cybercrime is a major threat to small and medium-sized enterprises today. Their digital presence can become a potential weak point within the supply chain. The dependence on large suppliers and government agencies requires a joint approach. At the same time, tackling this looming challenge presents a unique opportunity to gain a significant competitive advantage, improve your organisation's reputation and build trust.“
Simon Borwick, Cyber Security Partner at PwC UK
Source: Sage