The challenge of Cybersecurity in SMEs

The challenge of Cybersecurity in SMEs 1

On November 25 , we participated in the series of talks on “ Next Generation EU Funds : Cybersecurity in SMEs ” by  Banco Sabadell. 

In Spain there are 40,000 cyberattacks a day, and in most cases administrations and small and medium-sized companies are the priority targets. 

The most difficult challenge for cybersecurity is the changing nature of security risks themselves. With the appearance of new technologies and the use of this, new attack methods are also developed.  

Keeping abreast of these changes and the constant advancement of attacks can be a challenge for organizations, as well as constantly updating the systems they need to protect against. However, this can be particularly difficult for small organizations that have to increasingly invest in security.  

Internal risk, the one that people assume, is one of the biggest unsolved problems in cybersecurity. The threat is present in more than 90% of reported incidents in all recent studies. Companies are increasingly aware of the problem and are devoting resources to solving it. However, most insider threat prevention programs are not very ambitious. 

 The CEO of Kymatio also points out that, currently, around 90% of cybersecurity incidents require the participation of employees, so “SMEs have to increase the digital culture of their human capital”. To achieve this, they must implement measures that will improve the current situation, such as promoting a security culture for employees and, specifically, cybersecurity awareness content, as well as promoting the still residual use of antimalware protection. 

Awareness and preparation. As Mateus points out, “no company or citizen is exempt from suffering a cyberattack.” 

Among the most common failures are:

  • Completely ignore the real situation of your greatest asset: people
  • Total focus on behavior with basic contrast alerts
  • Failing to take cultural norms seriously  

In order to deal with the different threats that arise in the daily life of employees, it is not enough to treat everyone the same. In the same way that two people can react differently to the same everyday situation, these differences also appear in the field of cybersecurity.

The average cost of a cyber attack is 40,000 euros. In this sense, Fernando Mateus highlighted this alarming figure and put the problem on the table, since according to the CEO of Kymatio, only 20% of all SMEs in our country assume that they may be victims of a cyber attack. “ This awareness must be promoted, so that the problem is not underestimated, because when it arrives it may be too late” , he added .

The session was attended by:  

Carmen Urraca, Director of European Funds at Banco Sabadell.

Lucia Arias, Senior Consultant at Govertis Advisory Services.

Fernando Mateus, CEO of Kymatio.

Javier Serrano, director of technological security at Banco Sabadell.