The IT systems of almost all small and medium-sized businesses (SMB) in the UK suffer from serious vulnerabilities, a new report asserts.
Business solutions firm Konica Minolta recently took a snapshot of its Managed IT support services to get an overview of the state of IT security among UK SMBs. It found that 90 percent of organizations risk significant fines and reputational damage due to weak IT systems.
These systems are vulnerable in a number of ways, the report states. Sometimes, there are “inherent data protection issues”, such as insecure storage of financial details. In other scenarios, organizations fail to secure personal data, which is “vigorously protected” under GDPR. And some businesses also fail to properly secure their software with updates and patches.
Given the findings, it’s no wonder that 68 percent of medium-sized UK firms suffered a cybersecurity attack or security breach over the past 12 months.
“One business we worked with was potentially facing £15m of fines, whilst another was risking an eye-watering £35m had it fallen foul of the regulator before making our suggested changes,” explained Francis Thornhill, Head of Customer & Solutions Marketing at Konica Minolta.
“Yet fines are only really part of the risk to business – the greatest risk is damage to trust and reputation with customers as well as complete business operations failure if systems and data can’t be recovered.”
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