Key Takeaway
The recent M&S cyberattack highlights a broader issue affecting small businesses, with one in three having experienced cybercrime. Despite 17% of firms recognizing cyberattacks as a top concern, over 14% have not implemented any protective measures. James Trevis from NFU Mutual notes that small businesses, reliant on digital tools yet lacking resources, are prime targets. The State of Information Security Report reveals a “confidence gap,” as 97% of security leaders trust their breach response, yet 61% faced third-party attacks. The M&S incident illustrates the severe consequences of this misplaced confidence, including operational disruptions and loss of customer trust.
While the M&S cyberattack was significant, the problem affects far more than just large corporations.
Data from NFU reveals that one in three small businesses has been targeted by cybercrime.
However, a noticeable gap persists between recognizing the risk and taking action.
Although 17% of companies cite cyberattacks as a primary concern, over one in seven admit to not implementing any effective measures to protect themselves.
“Small businesses are becoming increasingly dependent on digital tools, yet often lack the resources to safeguard against cybercrime,” warns James Trevis, Cyber Specialist at NFU Mutual. “This makes them prime targets.”
The latest State of Information Security Report from IO highlights a growing “confidence gap” in cybersecurity.
Even though 97% of security leaders in the UK and US express confidence in their breach response capabilities, 61% still faced a third-party or supply chain attack in the past year.
The M&S incident highlights the dangers of that misplaced confidence.
According to the IO report, the consequences of such breaches often include “temporary system outages or operational disruption” (33%) and “customer or partner churn and loss of trust” (36%).
