Cybercrime a bigger concern for SMEs than Brexit, research suggests

Cybercrime a bigger concern for SMEs than Brexit, research suggests

11 Jul 2017

Research published by Barclaycard has suggested that small and medium-sized enterprises (SMEs) are more concerned about the risks that cybercrime poses to their business than those put forward by Brexit.

44% of businesses surveyed by Barclaycard consider cybercrime to be a major concern for their firm, whilst 34% reported that they are worried about the impact of Brexit on their business.

Barclaycard found that SMEs now invest £2.9 billion per annum on cyber security experts, in order to help them ‘stay ahead of the latest threats’.

Over the last five years, small businesses have increased their cyber security spending by 43%, the research revealed.

The research also suggested that small businesses are concerned by the challenges that the UK’s ‘uncertain economic landscape’ poses. 34% are worried about their ability to manage changes and demands as their business grows.  

Sharon Manikon, Managing Director of Customer Solutions at Barclaycard, commented: ‘UK SMEs face immense pressure to keep up with competitors of all sizes.

‘This is all the more challenging in an uncertain political and economic landscape with shifting consumer preferences and new technology that continues to develop at pace.’

Download our TaxApp Today

Tax rates, tips and calculators at your fingertips

Using the latest technology, our App has been developed to provide you with useful tax tools and information via your mobile device. Available for all mobile phones and devices.

Download for FREE now and simply save to your home screen.

The Ollis & Co TaxApp will always be technically up to date and keep you reliably informed.