Why UK's Startups & SME founders should focus on cybersecurity?

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Ramesh Raja CEO March 05, 2020 10:07 2 min read 366 views so far!

cyber-security

Over two-fifths of small businesses and startups in the UK have witnessed data breaches in 2019. Digiryte observed that data breaches threaten small companies and startups with painful consequences, the preventive measures taken by its founders to prevent such incidents are often inadequate. Smaller companies are hyper-focused on how to make their business grow with much focus on rapid growth and scalability. Most of the founders never had cybersecurity among their priorities. The cyber attackers and malware don’t distinguish between their victims because they know even very small organizations and startups have few sensitive data to lose.

 

But the good news for these founders is that to be able to protect themselves both from malware and human factor risks, they don't need to invest huge or hire advanced IT risk managers even as a consultant. It is only a matter of choosing the right security product for backup and disaster recovery plan.

 

As the Startups and SMEs resources are often limited and its founders are concentrating more on business growth alone unlike larger enterprises and scaleups who focus more on Governance, risk and compliance (GRC), also they regularly have to stop or slow down their business processes with every passing hour or day of downtime. If consumers or users’ data has been affected or any data breach happens, the small business and startups can lose their customers or users trust and face heavy financial penalties for not being compliant with GDPR compliance and other code of practice set by the Information Commissioner's Office (ICO).

 

The number of such data breaches targeting Startups and SMEs are on the rise. The number of affected businesses in the UK is also growing significantly more than in any other sector. The Startups and SMEs who fell victim to data breaches are higher at 46 per cent and larger enterprises at 53 per cent. It's clear and evidential that though all businesses in all sizes have to deal with data breaches to some level, the smaller ones and startups are the one which becomes more and more dangerous every year as they are more vulnerable than larger enterprises who allocates separate budgets to improve the information security aspect of business.

 

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Technology