Micro SMEs 'not prioritising data security'

A new study has revealed that 64 per cent of UK small and medium sized businesses with fewer than 50 employees have created formal digital and data security strategies.

Conducted by Daisy Group, the survey of 2,000 UK businesses found that the increase in the number of firms with data strategies in the past year to 63 per cent has mainly been fuelled by companies with more than 500 employees, 91 per cent of which have created a data security plan.

However, it's the smaller businesses that were found to be the most likely to suffer as a result of a cyber attack, which are estimated to cost the average firm more than £10,000.

Separate figures from data security firm Shred It suggest that malicious attacks in particular could be costing firms significantly more. According to their statistics, 47 per cent of SMEs have suffered from a data breach as a result of malicious behaviour or sabotage, costing an average of £2.48 million.

The firm has warned that small businesses are the main target for cyber criminals due to their often weaker data security strategies, as confirmed by the previous study.

Commenting on the issue, Neil Percy, vice president for market development and integration at Shred It, stated that SMEs should raise the issue of data security to the top of their priority list and ensure employees are trained to protect their sensitive data.

In particular, Mr Percy suggested that business owners and employers should be taking responsibility for ensuring data security takes top billing in their firm's to-do list.

He continued: "Executives and managers should foster a culture of security among their employees by being proactive when it comes to data security, while urging training to be refreshed on a regular basis."