Cybercrime is biggest threat to small and medium-size firms ‘by far’

The UK’s definition of an SME — a small to medium enterprise — is any business with up to 250 employees, but no upper floor on the financial threshold. Speaking at the Counter Terrorism Expo in London’s Olympia today, the Federation of Small Business’ Home Office and MoJ Policy Unit Chair Richard Parlour laid out just why cyber security is so critical for the sector.

According to Parlour, there are 5.8 million businesses in the UK and a staggering 99 percent of them count as SMEs. The FSB’s job as a lobby group is, he says, to protect businesses, save them money, and also help them grow.

But recent figures show that 80 percent of SMEs hit by major cyber incidents don’t live longer than two years after the fact — and although there’s growing awareness about the importance of cyber security, many SMEs might still not be taking it into consideration.

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