Ways Cybercrime Can Affect an SME


17 Aug 2015

Ways Cybercrime Can Affect an SME

Cybercrime can do huge damage to businesses, but whereas a large company is likely to survive, albeit battered and bruised, an SME can be devastated. In this article we will look at just a few of the ways in which cybercrime can negatively impact an SME.

Theft of information

A cyber-attack can lead to the theft of company information such as customer details and other sensitive data. The media often publicises such attacks on major companies but in reality it is SMEs that are successfully attacked most often. The theft of credit card details for example is particularly harmful to a smaller company due to the harmful impact upon its reputation.

Monetary Losses

According to a government survey held in June 2015, the average monetary cost of a cyber security breach for large organisation climbed to £1.46 million. For smaller firms the financial impacts also rose with a severe security breach typically costing £310,000. The negative impact of a cyber-attack must not be underestimated as the victim has to pay out to cover lost sales, business disruption, fines, compensation and the recovery of lost assets.

Often a cyber criminal’s objective is to steal money either directly or via stealing data which could lead to a financial payoff.

Damaged Reputation

A cyber attack can result in the theft of sensitive business data or the theft of customer details. If such a breach is made public it can do serious harm to a SMEs reputation. Businesses should also be aware of the effects of the potential impact of online social media. Failing to monitor what is being said about your business online could result in unwanted content being posted about it. A damaged reputation is also likely to lead to customers being wary of your business and in turn result in a loss of revenue.

Security costs

Another monetary loss for SMEs can also come in the form of extra expenses needed to improve their cyber security. Training for staff, upgrading of hardware and software all cost money.  Investment may be expensive but with the cyber threats growing on a daily basis it is vital. Due to

Having the Cyber Essentials accreditation for example will also be beneficial for a company as it will need it to bid for government contracts. Since 2014, all suppliers handling sensitive information need a Cyber Essentials accreditation.

For more information on how to protect your business contact PGI Cyber.

Share this article

Contact us

Call us now to discuss your requirements with one of our consultants.

Contact us today

Related News

CISMP, CISSP and CISM - what's in an acronym?

20 Mar 2017

There is a wide range of different security courses available, and a mind-boggling array of...

Watch Video

International Womens Day - Pioneering Women in Tec...

08 Mar 2017

Pioneering Women in Technology – Katherine JohnsonThe Oscar season has been and...

Watch Video

Law Firms and why they need cyber security

06 Mar 2017

Suffering a data breach can be devastating for any company but for law firms the impacts can be...

Watch Video
Back to the News Hub

Follow us

+44 (0)207 887 2699
©2017 PGI - Protection Group International Ltd. All rights reserved.
PGI - Protection Group International Ltd is registered in England & Wales, reg. no. 07967865
Registered address: Cascades 1, 1190 Park Avenue, Aztec W, Almondsbury, Bristol BS32 4FP