Digital security key for growing firms

A recent poll of 500 SMEs conducted by Barclaycard has shown that the threat posed by cybercrime is a greater concern for small businesses than Brexit.

The survey revealed that 44% of SMEs are worried about a data breach or cybercrime hacking incident following the recent ransomware attacks on the NHS, and also advertising agency WPP this week among others. As a result of these threats, many small companies are planning to increase spending on firewalls and security software to £3.8bn over the next 12 months, up from £2.9bn last year.

It’s clear that many early stage businesses are finding it difficult to manage the multiple threats, demands and priorities facing them as they grow, with 34% citing this as a concern. As the need to develop and adopt emerging technologies becomes increasingly essential to remain competitive in the marketplace, this invites new digital security pressures which must be addressed.

This is proved by the fact that last year UK SMEs invested an average of £1,600 per business in cybersecurity – the same amount spent on improvements such as contactless payment technology.

There is an unmistakable need to balance progression with protection in order for companies to remain secure yet competitive in the market, but to what extent might reservations over cybersecurity impact the take-up of digital advances?