A recent report by McAfee has highlighted the escalating threat of cyberattacks on small businesses, indicating that 73% of surveyed organisations consider cybersecurity as one of their most significant risks. The study, which included small and medium-sized business (SMB) owners and decision-makers from six countries, revealed that 67% of businesses had experienced a cyberattack in the past two years, with 17% facing multiple incidents.
The financial impact of cyberattacks on small businesses is substantial, with 61% reporting losses exceeding £10,000. Beyond financial implications, businesses noted the toll on physical and mental well-being, as well as the time lost in dealing with resultant IT issues.
The report also highlighted the increasing use of artificial intelligence (AI) by cybercriminals to enhance the scale, speed, and sophistication of their attacks, particularly in areas such as phishing and scams. McAfee emphasised the need for businesses to adopt AI as a preventive measure against AI-enhanced attacks.
Despite a growing awareness of cyber threats, small businesses face challenges in managing these risks, with only 48% expressing full confidence in their ability to prevent attacks. McAfee identified key areas of weakness, including the underutilisation of experienced third parties to enhance security. The report suggests that collaborative efforts and partnerships with cybersecurity experts can form a robust defence against cyber threats.
As businesses grapple with the evolving cyber landscape, McAfee’s report underscores the importance of proactive measures, including leveraging AI technologies, seeking external expertise, and fostering collaboration within the cybersecurity community.
