Financial SMEs' cyber risk high - FREE

Financial SMEs' cyber risk high - FREE

cyber eyeFinancial services small and medium-sized enterprises (SMEs) are underestimating the impact a cyber-attack could have on their reputation and must take steps to protect it.

That was the headline finding of the “Small Business Reputation and the Cyber Risk report”, issued by consultant KPMG and the UK government’s Cyber Streetwise campaign.

The report found while 91% of small financial services businesses surveyed in the UK were thinking about their company’s reputation “frequently or all the time, they aren’t considering how a breach could affect it”.

Only a third of small financial firms surveyed that haven’t already experienced a cyber breach to their organisations’ data rated the potential damage as an “important consideration”.

Conversely, 83% of consumers asked were worried about which firms have access to their data and whether it’s safely stored.

The majority (58%) said a cyber breach would discourage them from using a targeted business in the future. 

“Small businesses know that their reputation is critical to their success but it seems that many haven’t considered quite how many factors can affect it,” said George Quigley, a partner in KPMG’s cyber security practice.

“Every piece of data in a business can be of interest to a cyber-criminal – even if the business itself may not realise it – and with SMEs a key target for this very reason - it’s vital to take steps to protect your data, and with it the trust of your customers and ultimately your reputation,” added Quigley.

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