UK SMEs are suffering annual losses amounting to £3.4bn due to inadequate cybersecurity measures, according to a Vodafone Business report which also found that the average cost of an -attack was £3,398.
Such cyberattacks against SMEs are also on the rise with 35% experiencing an incident in 2024 alone, whilst 32% have no cybersecurity protections in place at all.
The finding highlights the need to for the channel to support SMEs says, Nick Gliddon, CEO, Vodafone Business UK, due to difficulties in addressing these threats due to budget constraints, limited expertise, and competing business priorities.
He stated: " Investing in robust cybersecurity is no longer optional - it is a business imperative for protecting sensitive data, maintaining customer trust, and ensuring long-term resilience.
“However, SMEs cannot tackle this challenge alone. Greater collaboration between businesses, industry leaders, and government authorities is essential to providing these businesses with the resources, education, and support they need to strengthen their cyber defences.”
Research also highlighted that more than half (52%) of UK SME employees have received no cybersecurity training and more than a third of SMEs (38%) invest less than £100 a year in cybersecurity.