BUSINESS NEWS
Do more to protect data S
mall businesses in Birmingham and the West Midlands need to do more to
protect their customers and safeguard their business, as consumers are taking the issue of their data security more seriously
than ever before. That’s according to the new ‘Small
Business Reputation and the Cyber Risk’ report which has been launched by Cyber Streetwise and KPMG. Despite the fact that 64 per cent
of consumers surveyed in Birmingham and the West Midlands think that there will be more cyber- attacks this year than in 2015, many of the region’s small businesses are unprepared and unconcerned. Half of small businesses surveyed
in the region think it’s unlikely or very unlikely that they’d be a target for an attack, which perhaps helps to explain why only 27 per cent feel completely prepared for a cyber security issue. The rise in high profile attacks
means that the majority of consumers (86 per cent) surveyed in Birmingham and the West Midlands are now concerned about which businesses have access to their data and whether it’s safe.
Del Heppenstall And it’s not just consumers that
want to ensure their data is secure – recent KPMG supply chain research shows that an overwhelming 94 per cent of procurement managers say that cyber security standards are important when awarding a project to a SME supplier. Danny Lawrence, National Police
Chiefs’ Council PROTECT Co- ordinator for Cyber Crime, said: “A cyber-attack may prove so serious that it impairs an organisation’s ability to function longer term. “Doing nothing can no longer be
an option – small and medium sized businesses place their reputation and existence on the line if they fail to take action. I would encourage all SMEs to seek out
support from resources available (such as Cyber Streetwise and the Cyber Essentials scheme.)” Del Heppenstall, partner and
head of KPMG’s cyber security practice in the Midlands, said: “It’s clear that the cyber-attacks of late are creating growing concern in the minds of customers over the security of their information. “These concerns risk threatening
the success of many of the nation’s small businesses unless they can demonstrate a clear commitment to security and retain the trust of their customers. “By taking simple steps like
making passwords stronger with three random words, installing basic security software and always downloading software updates, small businesses can reassure their customers that they’re in a safe pair of hands.”
A modern risk for businesses
‘It’s clear that the cyber-attacks of late are creating growing concern in the minds of customers over the security of their information’
Cyber breaches and insider threats, which include malicious employees stealing or destroying data, are the fastest-growing risks for UK companies according to a new survey by EY. The survey – ‘2016 Global
Forensic Data Analytics Survey, Shifting into high gear: mitigating risks and demonstrating returns’ was conducted with 665 executives globally. In the UK, the survey asked
66 respondents to outline their biggest concerns around fraud and corruption. A further 83 per cent of respondents – the highest percentage globally – felt that cyber breaches and insider threats posed the fastest growing fraud risk. Sixty-five per cent said that
internal fraud, such as submitting false travel expenses posed the second highest risk. Sixty-eight per cent of UK businesses also said that they needed to do more to improve their current anti-fraud procedures.
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MARCH 2016 CHAMBERLINK 15
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