A recent survey of financial and IT auditors conducted by CareersinAudit.com, has revealed that they believe many small businesses are unaware of the importance of protecting their IT systems from loss of data and cyber-attacks.
The survey, carried out in the Spring of 2016, revealed that many small business owners do not feel the cost of IT protection worth the investment, considering their limited resources would be better spent elsewhere. As a result, it is estimated around half of businesses utilising IT systems have no back up or rescue plan in place should their data be lost or corrupted. Of those who do put a safeguard in place, it is often only done once without reviewing or updating in line with their business growth or increased risk.
The danger is that business owners do not fully comprehend how vulnerable they can be with no protection in place. The loss of data can affect not only the business’s ability to operate, but also raise issues of trust by customers, particularly where confidential data has been compromised or leaked.
Much of the blame is put down to a lack of guidance from industry regulatory bodies, as well as a lack of support for start-ups from the Government. The survey director has called for business owners to take a greater responsibility for their data protection policies and well as suggesting financial assistance be provided for related training and risk awareness for small enterprises.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.