SMEs are endangering the security of
larger companies, by not taking adequate preventive measures to
safeguard sensitive data. Larger firms are therefore being urged to work
with the smaller providers in their supply chain in order to ensure
their own data security.
By not putting in place adequate information
security measures, small and medium-sized companies (SMEs) in the United
Kingdom are endangering themselves, and may also be putting the larger
firms they work with at risk. A recently-published study by
Shred-it, a global data protection firm, reveals that
SMEs in the UK do not take enough care in the management and destruction of confidential documents.
Shred-it is therefore encouraging large firms in the UK to help the
SMEs they work with to improve their information security measures in
order to maintain the integrity of their supply chain. The priorities
in this regard should be to share security protocols and to clearly
highlight the potential costs which these risks may entail, says
Shred-it.
Involving employees more in company data protection
The report points to a wide gap between the security protocols put in
place by small firms on the one hand, and large companies on the other.
SMEs are ten times less likely to have set up an information security
system than large firms. Similarly, firms with revenue of over £1
million are eight times more likely to use a professional shredding
company to dispose of their sensitive documents. Some 95% of large
businesses have designated an employee to oversee data protection,
compared with only 53% of small ones. Moreover, with an increasing
amount of information being stored in electronic form, it is equally
worrying to see that less than a quarter (23%) of large firms, and only
25% of small ones take steps to crush hard drives on obsolete IT
equipment containing data. This means they are putting both themselves
and their customers at risk.
Potential cost of data breaches underrated
Last but not least, the Shred-it report reveals that two out of every
five large businesses suffering a data breach have incurred financial
losses of over £500,000, while average fines of £150,000 imposed by the
UK Information Commissioner’s Office for infringing data protection
regulations are large enough for 30% of companies to have to lay off
staff as a result. While large companies may be able to absorb the cost,
such sums represent a huge financial risk for SMEs, in addition to the
likely damage to their reputation, which could seriously affect their
relationships with their customers and other business partners. Despite
the threat of heavy fines and tarnished reputations, SMEs are often
unaware of the impact a data breach could have on their firm. Some 88%
of large businesses – twice the number of small firms – are likely to be
aware of the recently updated requirements of the EU Data Protection
Directive. And although the gap is narrower, small firms are still less
likely to be aware of the UK Data Protection Act (72%) than large
companies (92%).
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