SMEs that do not take cyber security seriously could see their contracts with larger organisations cancelled due to worries over security breaches.
According to a recent report compiled by KPMG, 84% of procurement managers in the United Kingdom (UK) admitted that they would cancel their contracts with an SME supplier if they suffered from a cyber security breach. 70% of respondents also said that SMEs must do more to protect valuable data and 94% said that the cyber security standards in place play an important role when it comes to awarding a contract to an SME supplier.
Concerns over the strength of cyber security in a supply chain is growing as high profile incidents regularly make the headlines. Most procurement managers now ask suppliers to demonstrate their cyber accreditations and a growing number of contracts now stipulate that an SME must reveal whether they have suffered a cyber security breach.
With the cyber threat set to grow over the coming years the importance of having proper security measures in place will increase in importance. If a large organisation had to choose between an SME with Cyber Essentials and one without, it should choose the one with every time.
Despite the importance placed on cyber security in the supply chain a recent survey found that nearly a quarter of firms do not have enough resources to check the cyber security measures put in place by their SME suppliers.
Cyber Security Innovation Vouchers
The UK Department for Culture, Media and Sport launched a new round of its cyber security innovation vouchers worth £5000. The scheme is aimed at SMEs so that they can pay for external cyber security experts to assess their security measures and to assist with the cost of obtaining the cyber essentials accreditation. The chance to apply for this latest batch of Cyber Security Innovation Vouchers will end on January 5 2016 at noon.
PGI Cyber has made it easier than ever to apply for Cyber Essentials accreditation. On the PGI Cyber website is an online self-assessment portal that guides a company through the 5 different sections of the process. The portal explains and gives advice for each question with the option of referring a question to your IT expert if necessary.
If you require more information on the Cyber Essentials Portal please contact 0845 600 4403 or alternatively you can email.