--- description: In this article, we will understand what is cyber security and why cyber security for small businesses is important, along with consequences. image: https://gdm-localsites-assets-gfprod.imgix.net/images/capterra/og_logo-e5a8c001ed0bd1bb922639230fcea71a.png?auto=format%2Cenhance%2Ccompress title: Why is cyber security for small businesses important? --- # Why is cyber security for small businesses important? Canonical: https://www.capterra.co.uk/blog/1289/why-is-cybersecurity-important-for-small-businesses Published on 28/01/2022 | Written by Sonia Navarrete, Sukanya Awasthi. ![Why is cyber security for small businesses important?](https://images.ctfassets.net/63bmaubptoky/OUowSG_AOeF1n_UVi8kRJXRNUBuqVIW243AYuAAvFgg/c6fd562157228e5ee8f0c250475e8e33/Cybersecurity-for-small-businesses-UK-CA-Header.png) > This article was originally published on 10/09/2019. ----- ## Article Content This article was originally published on 10/09/2019.This article will look at the cyber security landscape in the UK along with analysing if there has been an increase or decrease in cyber attacks in the past two years. We will also see how cyber security software can help SMEs.In this articleWhy is cyber security important?What are the consequences of cyberattacks for SMEs?Cyber security solutions to invest in for SMEsTo concludeAccording to the UK Government’s Cyber Security Breaches Survey 2021, four out of ten enterprises (39%) experienced a cyber security breach in the last 12 months. The COVID-19 pandemic has resulted in substantial shifts in how people work. This may have made cyber security for small businesses more difficult. The report also highlights the fact that COVID-19 has pushed many organisations’ cyber security staff to their limitations, and management boards continue to prioritise cyber security. The same survey report states that the level of cyber security risk during COVID-19 is possibly higher than it has ever been, and businesses are finding it more difficult to implement cyber security measures during the pandemic.Considering the volume, variety, and severity of cyber threats, many small to midsize enterprises (SMEs) might be realising the value of investing in software that can ideally protect them. Here, we examine the current threat landscape, the consequences of a breach for SMEs, why cyber security for small businesses is important, and the solutions available to keep your small business safe.Why is cyber security important?Cyber security for small businesses can sometimes be a low priority. This could be because businesses may have to worry about various other aspects such as revenue, staffing, competitors, markets, and regulations. Moreover, SME owners may not always be experts in technology. Therefore, choosing and implementing the right security software could be a significant step for business owners.According to a PYMNTS study, 73% of UK businesses suffered a phishing-related data breach since October 2020. The report also states that nearly 60% of financial institutions claimed they had integrated artificial intelligence (AI) and machine learning (ML) into their anti-money laundering operations or plan to do so within the next 12 to 18 months.As per another report from the UK’s national reporting centre for fraud and cyber crime —Action Fraud— a substantial value of UK£146,222,332 has been lost to cryptocurrency fraud since the start of 2021. The report also issued a warning to the public to be cautious while investing, as criminals have defrauded victims of hundreds of millions of pounds through cryptocurrency fraud.What are the consequences of cyberattacks for SMEs?According to a CNC article, the UK’s National Cyber Security Centre (NCSC) has stopped more online scams during the pandemic than a combined total of the previous three years. In this section, we will look at some of the repercussions businesses might have to face with respect to cyberattacks.Lost data (and the regulatory consequences)In a General Data Protection Regulation   ( GDPR ) world, businesses of all sizes might be becoming more careful about how they handle data. But no matter how carefully they may prepare, a breach can potentially have serious legal consequences. Business disruptionLoss of business continuity can happen for many reasons as a result of cyber breaches. For example, criminals may block access to critical files and systems until you pay a ransom. Or they could steal or corrupt your data, which means you may have to spend time identifying what data has gone missing and following the necessary steps to inform affected parties and regulatory bodies —all of which would waste valuable time SMEs could be spending looking after their business. Reputational damageLoss of reputation may result in loss of business from potential customers and may impact the company’s operations. The impact of this loss of trust may be hard to calculate, but affected firms may find it harder to make it onto approved supplier lists for important contracts for a long time to come and it can also upset the company’s investors.Cyber security solutions to invest in for SMEsIn a survey conducted by Capterra, 43% of companies said that they had to buy or install new software to be able to work remotely since the start of the pandemic, and 26% of respondents said that their company is planning to buy new software to be able to transition to remote working. There is a range of software available in the market that can potentially protect your workloads from various attack types. Many common IT solutions may have security features built-in, but paying for additional, specialised security software can potentially bring more capabilities and may let you benefit from the wider expertise and threat overview of a dedicated security vendor. Here are some types of cyber security solutions that SMEs might want to consider:Anti-phishing software Phishing describes a technique where attackers send automated emails pretending to be from a trusted source, such as a bank or internet provider. Their goal is mostly to trick recipients into handing over critical data like usernames, passwords or bank account details. These emails can sometimes be very sophisticated and hard to identify, but some cyber security software may help filter out phishing attempts and can potentially reduce their effectiveness. Businesses can even run fake phishing campaigns to test how their company responds to these types of attacks.Anti-malware softwareIn addition, if your devices are infected with malicious software (malware), attackers might disable such devices completely, steal data, or use your systems to attack others. For such instances, some anti-malware solutions can help identify, block, and remove such software from your company’s devices.Network security software This type of software may include solutions that can potentially monitor traffic across your computer network, block certain types of unwanted traffic, and compile data that may help you with internal audits or regulatory compliance. Together, anti-phishing, anti-malware, and network security software might form a multi-layered barrier that is likely to strengthen your SME’s cyber defences.To concludeWhat we saw above was that with the onset of the pandemic and more and more people working from home, there has been an increase in cyber security attacks and data breaches. Although companies may be trying their best to prevent them, they can ideally better equip themselves and prepare for the future with the adoption of more sophisticated cyber technologies and cyber security software.Looking for cyber security software? Check our catalogue\! ## About the authors ### Sonia Navarrete Sonia is a Senior Content Analyst at Capterra, helping SMEs choose the best software. She published in Raconteur, Computer Weekly and IT Pro. Journalist and PR. ### Sukanya Awasthi Sukanya Awasthi is a content analyst for Capterra, covering emerging technology trends with a focus on retail, construction and ERP. With an educational background in Computer Science, she brings 8 years of hands-on experience to her writing, translating intricate technical concepts into accessible and informative insights. Sukanya’s research and analysis is informed by nearly 200,000 authentic user reviews on Capterra and over 40,000 interactions between Capterra software advisors and software buyers. Sukanya also regularly analyzes market sentiment by conducting surveys of business leaders in the construction space, as well as retail leaders and consumers, so she can provide the most up-to-date and helpful information to small and midsize businesses purchasing software or services. Her work has been featured in Financial Express, Economic Times, and Bloomberg Quint, among other publications. Outside of work, she likes to spend time with her loved ones and her two dogs. ## Related Categories - [Compliance Software](https://www.capterra.co.uk/directory/30110/compliance/software) - [Cybersecurity Software](https://www.capterra.co.uk/directory/31037/cybersecurity/software) - [Endpoint Protection Software](https://www.capterra.co.uk/directory/30907/endpoint-protection/software) - [Network Security Software](https://www.capterra.co.uk/directory/30003/network-security/software) - [Vulnerability Management Software](https://www.capterra.co.uk/directory/31062/vulnerability-management/software) ## Related Articles - [Smart cities in the UK: Balancing convenience and security for urban transformation](https://www.capterra.co.uk/blog/4185/Smart-city-habits-in-UK) - [Security, data privacy, and surveillance concerns are challenges to smart city development](https://www.capterra.co.uk/blog/4201/Smart-city-technologies) - [Easy steps to help with your business continuity planning](https://www.capterra.co.uk/blog/1645/easy-steps-to-help-with-business-continuity-planning) - [Working from home and cybersecurity in the UK: one year on](https://www.capterra.co.uk/blog/1979/working-from-home) - [How prepared are SMEs for ransomware attacks?](https://www.capterra.co.uk/blog/2648/how-prepared-are-smes-for-ransomware-attacks) ## Links - [View on Capterra](https://www.capterra.co.uk/blog/1289/why-is-cybersecurity-important-for-small-businesses) - [Blog](https://www.capterra.co.uk/blog) - [Home](https://www.capterra.co.uk/) ----- ## Structured Data