Small and medium-sized companies are still not fully aware of all the implications arising from a cyber attack – a lack of understanding that is putting a third of their revenue at risk, a new report claims.

As the Telegraph reports, a quarter of the 1,000 small businesses questioned think that cyber security is not worth the cost of implementation, whilst a fifth admit that insufficient knowledge of what it entails is the reason they are leaving themselves open to attack.

This is putting firms’ data and finances in a compromising position, according to the government’s Cyber Streetwise campaign, and the reputational damage resulting from an attack could also be significant.

As a government spokesperson points out, many small companies are now integrating web-based tools into their business, which makes the need to put simple protection procedures in place more pressing.

Strong passwords, ensuring software is up to date and deleting suspicious emails are three simple ways in which companies can start to evade cyber threats, officials advise.

Ed Vaizey, minister for culture and the digital economy, stressed how important it is that SMEs are maximising their profits in the grand scheme of the economy. He said: “Small and medium-sized firms are a key part of our long-term economic plan to back business, create jobs and secure a brighter future for Britain.”

Launched last year, the Cyber Streetwise campaign aims to change the way people view online safety by eradicating misconceptions that still exist among some SMEs, such as the mistaken belief that only companies taking payments online are at risk of cyber crime.

Source: Telegraph