Cyber crime prevention top priority for SMEs, study reveals

New research carried out by Barclaycard suggests that small and medium-sized enterprises (SMEs) across the UK are spending an increasing amount of money on cyber crime prevention.

Over the last five years, UK SMEs have increased their spending on cyber security packages and expertise by almost half (43 per cent) – and are now thought to be spending some £2.9 million a year on fighting and preventing cyber crime.

Barclaycard’s report forecasts that, by next year, this amount will swell by a further 32 per cent.

Interestingly, almost a quarter (23 per cent) of business respondents told the study that they had noticed a rise in customer satisfaction and sales after pumping additional money into tightening their cyber security.

The survey suggests that increasingly ‘tech savvy’ clients and consumers are looking to do businesses with SMEs who inspire confidence on the cyber security front.

Commenting, Sharon Manikon, managing director of customer solutions at Barclaycard, said: “SMEs face immense pressure to keep up with competitors of all sizes. As a result, there are more demands on their budget than ever, and these are forcing SMEs to spend smarter.”

Futurologist David Price, added: “As consumers become more tech-savvy, SMEs are increasingly dependent on their digital presence for survival, and face new pressures from all angles.”

In recent weeks, a separate study published by Juniper Research estimated that data breaches and cyber crime will have cost British businesses upwards of £6.2 trillion by the end of 2017.