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The main barrier to more secure digital systems is price, a Mastercard survey finds, and raising revenue has become a higher priority.
Editor’s note: This story originally appeared on Cyber Daily’s sister brand, Accountants Daily.
Almost a third of small businesses are cutting back on cyber security as they battle the challenge of inflation, with more than half saying it is simply too costly, according to a survey by Mastercard.
It found that 52 per cent were worried about the issue, but almost two-thirds were actively trying to reduce costs as they focused on increasing revenue.
Cyber security came through as the lowest priority concern (cited by just 22 per cent), well behind addressing growth (54 per cent), client relationships (60 per cent) and customer acquisition (62 per cent) as small businesses attempted to drive up revenue.
Knowledge of the solutions available was a barrier to 30 per cent of small businesses exploring their cyber security options, with time nominated by 31 per cent but cost named as the main hurdle (47 per cent).
However, ignorance of the risks came through as a factor in failing to pursue digital security, with two-thirds of small-business owners saying they would make more of an effort to put security features in place if they were aware of all the cyber risks, while 68 per cent felt they would benefit from simple resources to get started.
Mastercard vice-president with responsibility for cyber security Mallika Sathi said small businesses were a vital part of the economy and familiarising themselves with digital threats needed to be a priority.
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