UK SMEs are potentially losing out on a third of all enterprise contracts because their cyber security and cyber fraud credentials aren’t to a recognised standard, research from CybSafe, the training and data analytics platform, has revealed.
With the threat to supply chain businesses at an all-time high, CybSafe’s survey of key SME decision-makers in the UK has discovered that, over the last 12 months, nearly 37 per cent of organisations have been required to achieve a recognised cyber security standard by their enterprise customers before successfully securing contracts. This represents a rise of 9 per cent from 2017’s study results, when only 28 per cent were obliged to prove their proficiency in cyber security.
CybSafe’s research highlights an increasing scrutiny of cyber security in supply chain organisations by enterprise customers who, due to increases in regulations and high-profile data breaches, are more concerned than ever about protecting their data. Forty per cent of respondents have been asked by an enterprise customer to add cyber security precautions to contracts or RFP processes in order to win contracts in the past year.
Oz Alashe, CEO and founder of CybSafe, said: “The study has revealed how enterprise customers are increasingly prioritising cyber security when tendering for supply chain businesses. While lax cyber security precautions may have gone relatively unnoticed a few years ago, businesses are now losing out on lucrative deals with their biggest customers because of them. Due to tighter regulations and an abundance of high-profile breaches, organisations have had to re-review and reinforce their entire IT estate, including third party suppliers.”
“The study demonstrates that SMEs are actively taking measures to make themselves cyber secure to meet the terms of new contracts. This is because it is no longer enough for an enterprise organisation to ensure that its own network is secure, any supplier must also demonstrate it’s cyber secure too.”