Research shows that SMEs spend more on coffee than IT

In a world where IT is the enabler of business, this can lead to many problems for SMEs - not least of which are the security risks they are faced with. "The majority of SMEs are still focused on the more traditional threats to IT security, such as e-mail and web viruses, and while others are finally becoming aware of other ways in which their company's security can be compromised, including theft of information and social engineering, not enough focus is being placed on these areas," says Bruce Goodwill, AVG's sales director for EMEA, Latin America and Australia. Only a little over half of the participating SMEs considered information security to be a major issue.

Few are aware of security pitfalls

This laid back attitude many SMEs have towards IT security extends to mobile devices as well. In order to compete with larger corporations, SMEs are increasingly embracing mobile technology and providing their employees with tablets and smartphones so that they can access company information while on the go. However, few are aware of the potential security pitfalls that accompany this technology, with almost three quarters of the SMEs surveyed not agreeing that the use of mobile phones in business may represent a real threat to IT security.

"Statistics show that companies cannot afford to be so lax and ignorant about IT security and the longer term implications that it can have on their operations. The cost of IT security breaches reaches far beyond losing access to files containing customer or company information, or the money they will have to spend on replacing hardware," Goodwill says.

Loss in revenue

"During 2011, one in six SMEs - which translates to more than one million companies - in the US and UK experienced an IT security breach as a result of failing or insufficient IT security. As a result, 30 million man-hours of labour were lost while rectifying the results of the security breaches. Companies lost out on $14.87 million in sales/revenue opportunities due to IT security breaches, and spent $7.52 million to replace damaged hardware and corrupted computers," says Goodwill.

He adds that businesses of all sizes should treat their company's online security with the same level of importance as they do corporate governance and brand protection. Apart from the obvious benefits you'll reap from having adequate IT security for your business, such as protecting your company's valuable data from being stolen or exploited by cyber criminals and potentially saving you time and money, it will also provide you with peace of mind and leave you with more time to focus your attention on your company's bottom line, Goodwill says.