Why cyber security is a priority for every small and medium business

The period of the pandemic accelerated the use of Internet services and technological tools by many SMEs, which included in their way of operation, among others, the use of cloud services, telecommuting, but also the improvement of their online services. However, all electronic processes also involve a higher security risk if all the necessary precautions are not properly followed. With SMEs considered the backbone of Europe’s economy, as well 25 million SMEs are currently active in the European Union and employ more than 100 million workersit is important to give weight to security issues. A serious cyber attack incident can put a business at risk, causing significant financial damage or leaking sensitive information.

Cybersecurity issues can even lead an SME to closure

According to data from World Economic Forumthe 88% of survey participants reported that they are concerned about durability in the cyberspace of SMEs in their ecosystem. Additionally, according to a report by the European Agency for Cybersecurity- ENISA (June 2021), the 85% of SME who participated agree that cybersecurity issues could have a serious negative impact in their businesses, with the 57% to mention that they could even cost her survival their. Of the nearly 250 SMEs that participated in the survey, the 36% they noted, in fact, that they have face up related incident in the last 5 years.

Businesses underestimate cyberattacks

Nevertheless, according to the same report, cyber attacks are still not considered a significant risk by a large number of SMEs, as the belief remains that cyber incidents only target larger organisations. The study reveals that phishing attacks are among the most common cyber incidents that SMEs are likely to be exposed to, along with ransomware attacks, stolen laptops, and “CEO scams” ​​(where the fraudster sends messages impersonating a high-ranking company executive business).

The action “Digital tools for SMEs” strengthens small and medium enterprises

Greece has published since the end of 2020 the National Cyber ​​Security Strategy (2020-2025), which includes a series of actions covering all important and critical sectors. The Russian invasion of Ukraine has indeed accelerated strategic actions and measures that were taken much earlier than planned.

One of the actions that have been running in our country lately, which offer many possibilities in terms of digital transformation as well as integrated security solutions for small and medium-sized enterprises, is the “Digital tools for SMEs” program. The program joined the Recovery Fund in order to be financed with 180 million euros (of which, 90 million euros will be allocated this year) 100,000 businesses. The aim of the program is to strengthen the digital maturity of the country’s small and medium-sized enterprises that are active in a wide range of sectors of the economy. In the context of the program, the subsidy amounts to 90% of the eligible investment budget and ranges, depending on the size of the business, from €900 to €18,000, for project budgets starting from €1,000 and reaching up to €20,000, respectively. Through the electronic checks (vouchers) that will be made available, the benefiting companies will acquire new digital tools, subscription applications and services with the aim, among other things, of digitally upgrading their production, commercial and administrative operations and strengthening their security systems.

Eurobank cooperates with leading companies in the field of IT, such as Microsoftthe Epsilon Net and the Info Questand proposes solutions that will help your business modernize digitally, with the aim of improving everyday life and better cooperation with customers and partners.

In this context, the bank has ensured for its customers:

1. Specialized information services for the process of joining the program, in order to receive the aid, as well as consulting services from experts, for choosing the best solutions according to the characteristics and needs of each business.

2. Integrated solutions packages for their digital transformation, with advantages for SMEs, aiming at:

– Improvement and modernization of business operations in the fields of electronic invoicing, commercial management and business information systems (ERP/CRM).

– Development of new forms of collaboration and methods of increasing productivity, among others, with modern remote work and shared management tools, automation applications and digitization of processes.

– Reinforcement of security systems with integrated security and business continuity solutions.

– Development of e-shop solutions for expansion in the field of e-commerce.

Protecting the business, but also the customers

In today’s era, every SME must have a way to secure their systems and business activities in the best possible way. Cybersecurity is key to the success of any business, not only because it protects its own information, records and data, but also that of its customers. A possible leak of customer details would cost them trust in the business, with the possibility of them switching to competitors. With the help of your bank’s experts and advisory services, you can find the packages that meet the needs of your business, so that it can further mature digitally and remain competitive and secure.

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