Approaches to cyber security in small and medium-sized enterprises: Why it needs to change

Simon Newman
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Simon Newman: Cyber Resilience Centre for London, UK

Cyber Security: A Peer-Reviewed Journal, 2023, vol. 7, issue 1, 52-62

Abstract: Over the last decade, the growth in technology has created numerous opportunities for businesses to improve efficiency, develop new products and services and reach new customers. But it has also provided an opportunity for the criminal fraternity to find new, and incredibly lucrative, ways of targeting victims from anywhere in the world. This has led to cybercrime becoming one of the fastest-growing types of crime affecting individuals, businesses and third-sector organisations alike. For example, in England and Wales, official government statistics show the number of cybercrime incidents has risen by 89 per cent in the past year alone. This paper describes the effect cybercrime has on small and medium-sized enterprises (SMEs), in particular those at the smaller end of the spectrum. The paper explains why SMEs are among the most vulnerable to a breach or an attack and what challenges they face against this growing threat. The paper also describes what the UK government is doing to support SMEs specifically.

Keywords: SME; cyber security; phishing; cyber breach; cyberattack; supply chains; cyber resilience (search for similar items in EconPapers)
JEL-codes: M15 (search for similar items in EconPapers)
Date: 2023
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