Research published by Barclaycard has suggested that small and medium-sized enterprises (SMEs) are more concerned about the risks that cybercrime poses to their business than those put forward by Brexit.
44% of businesses surveyed by Barclaycard consider cybercrime to be a major concern for their firm, whilst 34% reported that they are worried about the impact of Brexit on their business.
Barclaycard found that SMEs now invest £2.9 billion per annum on cyber security experts, in order to help them ‘stay ahead of the latest threats’.
Over the last five years, small businesses have increased their cyber security spending by 43%, the research revealed.
The research also suggested that small businesses are concerned by the challenges that the UK’s ‘uncertain economic landscape’ poses. 34% are worried about their ability to manage changes and demands as their business grows.
Sharon Manikon, Managing Director of Customer Solutions at Barclaycard, commented: ‘UK SMEs face immense pressure to keep up with competitors of all sizes.
‘This is all the more challenging in an uncertain political and economic landscape with shifting consumer preferences and new technology that continues to develop at pace.’