Security spending not a priority for UK SMEs

Channel ResearchSecurity
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Almost two-thirds will not spend on better online security over the next 12 months despite the threats

The majority of the UK’s SMEs are not prioritising better online security in the next 12 months, despite the impending impact of the EU’s new data protection legislation, the General Data Protection Regulation (GDPR).

Findings from Close Brothers’ quarterly survey of UK SME owners and senior management from a range of sectors, found that 63 percent of companies have made the decision not to invest in better online security, while the remaining 37 percent indicated they would.

Security Theft“Businesses of all sizes should be aware of their responsibility when it comes to protecting customer data,” said Ian McVicar, managing director, Close Brothers Technology Services. “Keeping customers’ details safe are at the core of the EU’s new data protection legislation.”

A mixed picture has also emerged about UK firms’ readiness for the impact of cybercrime on their businesses. While the majority of the UK’s SMEs are concerned about cybercrime and the impact it might have on their business (57 percent), a significant minority are not (36 percent).

The research found that only 41 percent of businesses feel “adequately protected”, 17 percent are “unsure” of their levels of protection, 21 percent know it is an important issue but “haven’t had time to look into it”, while a further 21 percent don’t think “it is an issue for our business”.

When asked the question “do you have data breach/security policies in place around the use of email, internet and mobile devices?”, 51 percent of respondents answered “yes”, 38 percent “no”, with 11 percent “unsure”.

The research canvassed the opinions of 850 UK SME owners across several industries.

@AntonySavvas