Small businesses are failing to protect themselves and their customers from cyber-attacks, and do not know how to militate against a possible attack.
In the UK last year there were nearly six million fraud and cybercrimes, according to data published by the Office for National Statistics last week. SMEs are often badly affected.
According to Barclaycard research conducted in April, 48% of small businesses have been hit by at least one cyberattack in the last year, and 10% suffered repeated attacks.
Many of these attacks have a direct impact on customers, with 40% of businesses have been hit by an attack involving tricking recipients into responding with sensitive information.
Around 54% of SMEs are concerned they could be at risk from an attack, but only 13% claim to be confident that they understand enough about cybercrime to protect their business.
Barclaycard head of fraud and security product David Jeffrey said: “The latest figures from the ONS clearly show that the threat of cybercrime is not going away. More worryingly, as recent research conducted by Barclaycard found, many small businesses are failing to take the necessary precautions to protect themselves and their customers from this growing threat.
“It’s important for businesses to remember that security is not a one-off investment – so at Barclaycard, we work closely with our customers to ensure they understand how to protect themselves from cybercrime, regularly reviewing their policies to keep up with the latest industry developments.”