The majority of the country’s small businesses do not believe they will be the victims of a cyber-attack, research from anti-virus software firm Kaspersky Lab has suggested.
According to the study, 82% of SMEs do not see themselves as a potential target for the fraud. They incorrectly believe they do not have any assets worth stealing.
However, with digital scams getting more and more sophisticated and smaller firms being targeted more often, it is a worrying trend. Data from the Federation of Small Business says that 41% of 1,105 firms studied last year were victims.
No knowledge is no power
The report also suggests a third of all small firms would not know what to do in the event of a cyber-attack. This is despite two-thirds having internet-connected devices with essential business information (such as client, supplier, financial and staff data) on them.
Half of all small businesses also allow remote working, with IP information stored and processed on individual devices.
To help tackle the issues, Kaspersky Lab has launched a ‘five-a-day’ initiative. It urges companies to take the following five steps:
• Protect and strengthen passwords
• Be aware of external attachments and media
• Teach employees to stay safe online
• Back-up all device information every day
• Research and implement appropriate security software
Taking account
Another way in which firms can protect themselves is through ensuring their accounts are kept in good order. This allows any discrepancies to be investigated and dealt with as they occur, and can make all the difference in minimising losses and stopping any fraud.
To achieve the most robust approach to their books, many small firms are outsourcing their accounting needs. As well as being a great way to tackle online fraud, outsourced accounting services can offer many benefits.
It helps create profit, for example. By understanding every level of the business, areas that are not being optimised to the full can be identified. Moreover, areas that are wasting money can be isolated, reduced, mitigated and phased out.
It all helps keep more cash in the business, creates a healthier cash flow and working capital and empowers different strategies for the business. It is why a good business always has a good accountant, and is always able to take advantage of new opportunities before any other organisation.
This all gives greater control to the directors of the company, allowing them to know the exact position of the firm before decisions are made.
Quite simply, for small businesses, outsourcing essential business tasks strengthens a firm and allows the task of running the day-to-day operations to be focused on an increase in profitability.