While most companies, including SMEs are gradually becoming aware of the importance of cyber security, this is typically viewed as an afterthought, and it is something which is not regarded with great diligence. Cyber security, as has been previously discussed in our article, should always be viewed as businesses critical, particularly for those who deal with client data or those who deal with innovations.
In this world of technological advancements, there is now an additional reason for every organisation to practise and prioritise their cyber security, which has become a pre-requisite in tapping new avenues in the field of procurement.
A leading management group conducted a new survey that has found that 76% of procurement managers at big organisations quoted that they would actually mull upon the removal of supplier, qualifying as an SME if he was found to have a data breach. Being in the procurement business, an SME needs to protect theirs; as well as their client’s data!
For SMEs this is yet another potential obstacle in their ability to secure business alliances. While many would stress that a proper cyber security mechanism is necessary in order for the topic to resonate with SMEs, in the immediate term it bluntly equates to extra resources, skill and monetary, strained in order to meet the cyber security requirements within a bid for tender. Most SMEs function just with adequate capital, and to immediately address such request, will mean that they’d have to undergo a complete system overhaul.