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Nearly half of UK SMBs believe a cyberattack could close their business

(Image credit: Image source: Shutterstock/lolloj)

Every second small and medium-sized business in the UK could be forced to put lock in key in case of a major cyberattack, a new study suggests.

The study, titled “Size Does Matter”, says almost half (48 per cent) of businesses have had to prioritise cybersecurity at the expense of growth-fuelling projects, just to keep the business running. They spend almost a fifth of their workweek, basically one full workday, working on cybersecurity tasks.

It was also said that 48 per cent have suffered a cyberattack in their lifetime, with roughly 15 per cent suffering such an attack more than once. Of those that experienced an attack, 70 per cent were suppliers for a larger company, and were just a stepping stone for the cybercriminals.

Half of the incidents have had a negative impact on the relationship, with almost a quarter (22 per cent) losing a client over it.

“SMBs can no longer consider themselves too small to be targets. They need to use their nimble size to their advantage by quickly identifying risks and educating everyone in the business of how to mitigate those risks, because people will always be the first line of defence,” said Paul Barnes, Senior Director, Product Strategy, Webroot.

“Working with the right cybersecurity partner or managed service provider (MSP) to develop the right strategy for their size will allow smaller businesses to prioritise the activities that matter most and help them grow.”

But investing in cybersecurity has its advantages, too. More than half believe it drives innovation and boosts productivity. Some believe it helps them pull in new customers.

Image source: Shutterstock/lolloj

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.