Is SMEs Cyber Support Vital for Wider Economy?

Cyber support for SMEs is critical for the economic health of the industry. Small and Medium-sized Enterprises (SMEs) are the backbone of local economies. SMEs are seen as key to trade and logistics, partner networks, and digital ecosystems.

Research shows that 43% of cyberattacks are made against small businesses, up from 18% just a few years ago. Recent WEF reports indicate that 88% of respondents are concerned about the cyber resilience of SMEs in their ecosystem. It is essential that we work to support and protect such businesses, particularly as we look towards building more resilient and balanced societies. SMEs, unlike other businesses, often require greater government support. Governments that recognise SMEs as integral to a flourishing society will empower them and they in return will contribute to the economic progress. Helping these smaller organisations protect themselves against the ever-growing cybersecurity threat must be a priority for public sector recovery strategists, in the months and years ahead.

The convergence of proactive and reactive digital resilience strategy is now imperative across organisations, businesses, and industries – cybersecurity defences alone are no longer enough. Organisations need to integrate resilience into all areas of their businesses’ digital transformation planning and operations.

Research indicates the need for clear and productive regulations that allow for the sharing of information and collaboration across the digital ecosystem. In WEF’s Global Cyber Security Outlook report earlier this year, over 90% of respondents reported receiving actional insights from external information-sharing groups and/or partners. The value of collaboration is obvious, yet many businesses refuse to share cybersecurity information for fear of losing customer loyalty or exposing their weaknesses. Progress will require a shift in mind-set too - the ability to encourage a collaborative approach, a culture of sharing, trusting, and joint accountability will be needed.

Public to Private Sector Empowerment

Even with strong cyber defences in place, it’s impossible for companies to avoid a cyber-disaster and their resultant, adverse impacts upon data, privacy and trust. Therefore, the key objective should be to develop a cyber-resilient cyber support strategy that can anticipate attacks and quickly recover from significant disruption. It is important that public sector infrastructure empowers businesses to help identify, protect, detect, respond, and recover from a cyberattack so that they can resume fully functional operations. The real test should be how quickly and seamlessly organisations can return to ‘business as usual’. One essential component of such resilience is to create and implement thorough cybersecurity training exercises in the workforce. This prepares employees to identify security risks, lures, heightens awareness and reinforces the need for teamwork, skills, and collaboration across the whole organisation.  

Cybersecurity is much more than just an insurance policy against attacks. Cyber resilience and cyber support, if implemented effectively, can help turbocharge long-term economic prosperity and innovation. It can provide the digital defences crucial to our modern world. Cybersecurity should be at the forefront of public sector and business leaders’ minds. A comprehensive cybersecurity strategy that works in alignment between governments and industry is a key component to post pandemic recovery for businesses, national economies, and citizens around the world.

--By Ripu Bajwa, Director Sales & General Manager, Data Protection Solutions, Dell Technologies

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