Small to Medium Businesses: Digital Transformation and Cybersecurity
The recent study “Digital Perseverance and Growth: A SMB Study by Vodafone and Microsoft Ireland” highlights the critical role that digitisation places achieving business goals. Evidence shows that some of the benefits of digital adoption include productivity improvements, development of export markets, and increased customer satisfaction.
The report also highlights the need for SMBs to increase their investment and training in cybersecurity to protect the business from financial and reputational damage. Almost half of the 250 SMBs that participated in the study reported that they had experienced a cybersecurity breach in the previous three years. In 2020 and 2021 the number of data breaches globally increased by 152%, this is twice the increase experienced at larger organisations. Despite the evident threat, 60% of business owners stated that they were not prepared to protect the business in the event of an attack.
A cybersecurity strategy is essential to protect critical assets, information, and operations. Many SMBs face an internal skills gap and limited budget to engage the expertise to define and implement a strategy to address risk and maximise opportunity. To address this need, Cycubix has designed the Cybersecurity Risk Framework: Foundation for organisations starting on their Cybersecurity journey. By extending in-house capability with specific knowledge and expertise, SMBs can improve their security posture and mitigate much of their potential exposure, working at their own pace and at a minimal cost.
The Enterprise Ireland Digital Discovery Grant is available to companies to complete a cybersecurity strategy review and can be applied to the Cybersecurity Risk Framework: Foundation. With grant funding for 80% of the project cost up to a maximum of €6,300 (€5,000 grant) find out more about how the Enterprise Ireland Digital Discovery Grant can help you start your cybersecurity journey.