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Cyberthreats are a bigger concern for UK SMBs than cash flow

(Image credit: Image source: Shutterstock/jijomathaidesigners)

For small and medium-sized businesses in the UK, the threat of a cybersecurity incident is a bigger worry than cash flow.

According to a new report from Sophos, almost half (45 percent) view cyberattacks or malware infection as their largest concern, compared with only 32 percent that cited cash flow as their most pressing issue.

Despite the clear awareness of the dangers, the report also uncovered some startling facts about cyber-readiness among UK businesses.

Almost a third (31 percent) of companies in operation for more than 15 years don’t know which cloud services they use, and the same percentage don’t know which public file sharing apps employees use to share information with the public.

Younger companies (those trading for one to five years) are a little better informed, at 13 and 9 percent respectively.

The report also says 'bring your own device' initiatives are another “major nexus of difference”. Almost six in ten (59 per cent) young businesses allow BYOD, while only 33 percent of older companies have adopted the policy.

“Our research suggests that the biggest risk differentiator is years of operation, and that smaller firms do worry about cyberthreats – it’s just that this doesn’t always translate into secure behaviour,” said Adam Bradley, Regional Vice President UKI & Nordics at Sophos.

“Organisations, whatever their size, age or sector, need advanced security solutions that can adapt and evolve along with the business,” he added.