This article has been submitted by CyberLaw
SMEs are more fearful of the potential threats posed by Cybercrime than they are of leaving the European Union, it has been revealed.
A poll of 500 Small firms, conducted by Barclaycard, found that 44% were concerned of the threats associated with being a victim of cybercrime or an intrusion of data, following a worldwide surge of leading blue-chip firms being affected.
By comparison just 34% cited Brexit as a major concern.
In response to cybersecurity fears, SMEs are planning to increase spend relating to firewalls, security software and other defences to more than £3.8bn over the next 12 months.
Last year UK SMEs spent £2.9bn on cybersecurity, equating to an average of £1,600 per business, the same amount as it spent on payment improvements such as contactless payment.
Companies and individuals have been advised to review their security protocols and to never pay a ransom if attacked, instead restoring files from a backup if possible.
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