SMBs aren't taking security threats seriously enough — and it could cost them big

An abstract image of padlocks overlaying a digital background.
(Image credit: Shutterstock) (Image credit: Shutterstock)

A new study by Sky Business has revealed Britain’s small and medium-sized enterprises (SMEs) have a significantly lower perception of the financial impact of cyberattacks compared with those who have already been targeted.

According to the figures, UK SMEs underestimate the cost of an attack by nearly £85,000, alluding to a lack of readiness and room for improvement.

Those who haven’t been attacked predict an average loss of £39,633 for the entire downtime, compared with the average daily loss of around £31,000 for those forced to close due to a cyberattack.

Britain’s SMEs need to prepare better for cyberattacks

The study analyzed the perceptions of different types of businesses, finding that older businesses that have been operating for over two decades are less likely to think that a cyberattack would cause a business closer.

Sky Business also found that microbusinesses, categorized as those with between one and nine employees, are also more likely to underestimate the impact.

Speaking about the increasing risk, Director of Sky Small Business Group at Sky Business Stacey Hill commented: “With those previously attacked SMEs estimating average losses of nearly £31,000 for each day they are forced to close, cybersecurity must be at the top of the business agenda.”

The research revealed that using public unsecured Wi-Fi connections often emerges as a cause of breaches, highlighting the simple yet effective steps that can be taken to protect workers, the company and its assets. This is even more important for those with hybrid and remote working setups.

Hill added: “A vigilant defence starts with secure connectivity, and small businesses must safeguard this to protect their revenue. Cybersecure connectivity should not be complicated.”

More from TechRadar Pro

Craig Hale

With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!