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This is how SMEs can manage cybersecurity costs

Attention may be firmly focused on Brexit, but the cost of managing cybersecurity risks is also weighing heavy on SMEs. Non-bank finance offers a way of ensuring critical investment and maintaining cashflow.

A new study from PwC has shown that over three quarters of CEOs in the UK believe that cyber risks are a major threat to business. Tellingly, the research indicates that for the vast majority of companies, the measures currently in place to prevent attacks are too basic.

There is a clear need for improved education about governance and investment in more sophisticated protection. Recently revealed cyber-attacks on mega-corporations such as Yahoo! and Dropbox underline the scale of the threat. Yet it is not big companies that are most vulnerable to such hacking. Instead it is small businesses that are most at risk because of the investment required for adequate protection.

The level of spending needed is a major headache for small business owners already dealing with costs relating to the likes of auto-enrolment and the living wage, as well as Brexit-borne market uncertainty (new data from the Federation of Small Businesses show that nearly a third of small businesses expect exports to fall when the UK leaves the single market).

So, how can SMEs protect themselves against cyber-attacks while safeguarding cashflow and capital? Non-bank finance is one answer. The likes of invoice finance and asset finance offer small business owners the access, affordability and flexibility needed to navigate difficult conditions. These services are helping firms manage significant demands on capital, such as the need for sophisticated cybersecurity, at a time when traditional lenders remain cautious and late payment continues to affect resources.

The need for greater investment in cybersecurity is clear and with the SME finance market entering a new era, it is clear that non-bank finance will be a crucial resource.

To find out more about A&T Business Associates services, contact us on 01903 602211 or info@atbusinessassociates.co.uk.

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