I wrote a post earlier this week exploring what SME owners and directors really care about when it comes to cyber security! Do they really care about the how the latest technological solutions work? Do they really care about the scare stories, or at least, do they really think that they apply to them. Oh, they might have a sneaky suspicion that it could be a problem but is it on their mind enough for them to do something about it.

The argument was made that this is especially true in an economic downturn when they are focused on costs, even more than they normally are. They want robust cyber security solutions that don’t cost an arm and a leg.  And what they don’t want is jargon and tech speak that they feel is aimed at bamboozling them with science in order to convince them they should buy something that they don’t actually need. 

We are believers that what is needed is simplicity. SMEs are looking for user-friendly security measures that don’t require a PhD in Cyber Science. They don’t want jargon or even industry metrics. Remember the KISS principle – Keep It Simple Stupid.

Of course they are going to have a focus, and you need to understand what is important to them and what isn’t. That will depend on the nature of their business to a great extent. Whilst there are commonalities regardless of the vertical they work in, there will always be differences, some big, some more subtle, that will impact any cyber security solutioning.

Nowadays many SMEs are increasingly aware of cybersecurity risks, but a significant number still underestimate the importance of cybersecurity risk management. SMEs often face unique challenges in this area due to limited resources, competing priorities, and often a lack of expertise not just in their organisation but also in the IT support company’s they use. Here are some insights into the current landscape:

• Growing Awareness: SMEs have started to recognise that they are just as likely to be targeted by cyber threats as larger companies, partly due to high-profile ransomware attacks and data breaches affecting businesses of all sizes. As a result, awareness is rising, especially as more businesses transition to digital platforms and remote work, which increases exposure to cyber risks.

• Resource Constraints: For many SMEs, the cost of robust cybersecurity measures can be prohibitive. They often lack dedicated IT and cybersecurity teams, which makes it challenging to implement and maintain comprehensive security protocols. Cybersecurity solutions can be expensive, so SMEs may prioritise short-term operational needs over what they might perceive as longer-term security investments.

• Risk Perception and Underestimation: Some SMEs mistakenly believe they are too small to be targeted by cybercriminals, assuming that attackers primarily focus on large corporations. However, this “security by obscurity” mindset has been proven false, as attackers often view SMEs as easier targets due to their weaker defences.

• Impact of a Breach on SMEs: Unlike larger companies, SMEs are less likely to recover from a significant cyber incident. A data breach or ransomware attack can be devastating, leading to financial losses, reputational damage, and even closure. Despite this, many SMEs may not fully understand the potential scale of these consequences.

• Compliance and Regulatory Pressure: With increasing data protection regulations (e.g., GDPR, PCI), SMEs are under more pressure to adopt better cybersecurity practices to remain compliant. This has led to greater awareness among some SMEs, especially those handling sensitive data like healthcare, finance, or customer and payment information.

• Cybersecurity Awareness Training and Culture: Even when SMEs implement some cybersecurity measures, they may lack the necessary employee training and risk management practices that foster a security-focused culture. Human error remains a leading cause of data breaches, so SMEs need to prioritize employee awareness and training.

In summary, while awareness of cybersecurity risk management is growing among SMEs, gaps remain, particularly around adequate investment, robust risk perception, and ongoing management of cybersecurity threats. Cybersecurity can seem overwhelming for small businesses, but as the digital landscape continues to evolve, understanding and addressing these risks is becoming essential for SME survival and growth.