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SMEs More Vulnerable than Ever to Cyber-attacks

SMEs More Vulnerable than Ever to Cyber-attacks

A study has shown the majority of cyberattacks on small to medium-sized enterprises (SMEs) result from poor password management.

According to the study sponsored by password management firm, Keeper Security, SMEs are doing very little to boost visibility into the password practices of their employees.

The report said employee negligence is the top root cause of successful data breaches.

Chairman of the Ponemon Institute, Larry Ponemon, said: “Survey respondents believe cyberattacks are becoming more targeted, more severe in terms of consequences, and more sophisticated.

“So you would think things would be getting better in terms of protecting themselves, but they are trending to worsening.”

The survey found that 61% of respondents reported a cyberattack, up from 55% a year ago – while 54% reported a data breach – up from 50% a year earlier.

Ransomware attacks were reported by 52% of respondents, with 53% of those reporting that they were hit by more than one ransomware attack.

The total running costs associated with successful cyberattacks on SMEs now total well in excess of £1m, meaning a single attack could bring an SME to its knees financially.  

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