A recent study conducted by BT, in collaboration with Be the Business, unveiled a concerning cybersecurity gap among British small and medium enterprises (SMEs). Alarmingly, 39% of SMEs, which translates to around two million businesses, have yet to provide cybersecurity training for their teams. This oversight is significant considering the heightened risk landscape; more than 42% of small businesses have suffered cyber-attacks in the past year, with the figure soaring to 67% among medium-sized companies.
Cyberattacks impose heavy burdens on these businesses. On average, micro and small companies incur costs nearing £7,960 to recover from disruptive breaches, as per a recent government survey. Phishing emerges as the most frequent threat, targeting 85% of UK businesses. Ransomware incidents have also seen a steep rise, doubling over the past year, now impacting 1 in 100 businesses compared to 1 in 200 formerly.
The report emphasizes the correlation between proactive cybersecurity and business growth. Businesses demonstrating “cyber agility” reflected a growth rate 20% higher than their less secure counterparts. Recognizing the urgency, BT launched a comprehensive security training program designed for SMEs. The initiative aims to equip these enterprises with practical knowledge to fend off evolving cyber threats, such as those posed by AI and quantum computing, and address the alarming rise in account takeovers and QR code scams, also known as “quishing” attacks, which have escalated by 1,400% over five years.
Tris Morgan, Managing Director for Security at BT, stated, “At BT, our mission is to enable UK businesses to grow and prosper, and we know the challenges SMEs face protecting themselves from growing cyber threats. These often include budget constraints and the lack of a dedicated cyber team, but for SMEs a cyber attack isn’t just an inconvenience; it poses an existential threat.”
Morgan highlights that achieving effective cybersecurity is attainable without corporate-grade resources. With appropriate training, small businesses can substantially diminish their risk exposure. “The key is recognizing that, in today’s digital landscape, cybersecurity is not a luxury but a foundation that enables companies to face forwards confidently, rather than forever looking over their shoulder,” he added.
Moreover, around 18% of UK SMEs express concern over AI-related threats. However, a proactive stance is noticeable, with 69% of business leaders considering AI tools to counteract cyber threats. Additionally, nearly half of these leaders consult industry experts for cybersecurity advice, indicating a growing reliance on external expertise to navigate this critical challenge.
