SMBs and SMEs Underestimate the Cost of Cyber Attacks on Their Business: A Critical Review from Cyber Tzar
Here at Cyber Tzar we recently reviewed an article on SkyGroup highlighting a critical issue facing UK SMEs—miscalculating the cost of cyber attacks. According to research by Sky Business, SMEs that have already been cyber-attacked estimate losses of nearly £31,000 for each day they are forced to shut down. Yet, those who have not yet experienced such an event vastly underestimate the financial damage by up to £85,000.
These figures should serve as a wake-up call. Cyber attacks are not hypothetical risks but real, immediate threats with long-lasting consequences. Despite this, many SMEs are still complacent. While 100% of SMEs that have fallen victim to a cyber breach acknowledged the need to cease operations temporarily, 21% of SMEs who haven’t been attacked believe they wouldn’t need to close at all. Even more concerning, nearly a third of microbusinesses (those with fewer than 9 employees) think they could continue operating without disruption. This overconfidence is dangerous.
Cybersecurity must be viewed as an essential component of business continuity planning, especially as AI-driven ransomware and cyber threats increase. However, securing your own organisation is only half the battle. Another area that often gets overlooked is supply chain security.
Read the original Skygroup article here.
The Overlooked Supply Chain Threat
Your organisation might be doing everything right—training staff, patching vulnerabilities, and using enterprise-level cybersecurity tools. But what about your suppliers? How confident are you that their cybersecurity standards match yours? A breach in your supply chain can have as much of an impact as a direct attack on your business.
In today’s interconnected world, the security of your supply chain is just as important as your internal defences. Weak links in the chain can allow attackers to infiltrate your systems through third-party vendors, exposing you to financial losses, reputational damage, and operational downtime. If you’re not actively managing these risks, you’re leaving your business exposed.
Cyber Tzar Can Help: Key Features & Benefits
Here at Cyber Tzar, we offer comprehensive tools that not only help protect your business but also ensure the integrity of your supply chain. Our platform is designed to provide actionable insights into risk—both for your organisation and your extended supply network.
Key Features & Benefits of Cyber Tzar:
- Automated Vulnerability and Breach Checks: We automate monthly checks for vulnerabilities and breaches across your supply chain, ensuring you are always aware of potential risks.
- Remediation Prioritisation: Our platform generates detailed reports, helping your teams focus on managing the most critical cybersecurity issues first. This saves valuable time and reduces the likelihood of prolonged downtime.
- Proactive Management: By offering real-time insights into risk at scale, Cyber Tzar allows businesses to take a proactive stance, preventing costly interruptions before they happen.
- Supply Chain Engagement: We utilise gamification to encourage participation from your suppliers, making it easier for them to engage in non-intrusive vulnerability assessments.
- Compliance Reporting: Our platform supports major cybersecurity frameworks, offering compliance reporting that’s both automated and customisable.
Our goal is to help your business and IT teams focus on what matters—managing and remediating risks—while we take care of the heavy lifting involved in finding and prioritising those risks. We know that downtime is expensive, which is why our solutions are designed to reduce the time and costs associated with addressing vulnerabilities.
Supply Chain Security is Essential
In the modern business landscape, no company operates in isolation. A robust cybersecurity strategy needs to extend beyond your business to encompass every partner and supplier. SMEs, in particular, need to be vigilant, as they often lack the resources to recover quickly from a cyber incident. Having the ability to actively manage cyber, compliance, and geopolitical risks across supply chains is no longer optional—it’s essential.
With Cyber Tzar, we provide the tools and insights to protect your business and its partners from cyber threats. By fostering greater transparency and collaboration across your supply chain, we enable you to mitigate risks before they lead to significant damage.
For more information on how we can help you safeguard your business, contact us at contact@cybertzar.com.
Read more articles here.
Cybersecurity is a collective responsibility. Don’t let your supply chain be the weak link in your defence.
