The study asked 500 SMEs to share their thoughts and concerns around cyber security, a growing challenge in a time of continuous technological advances. The data revealed that for the majority (62%), the top concern for the future was the increasing sophistication of cyber threats. With the advancement of AI (artificial intelligence) technology, cyber criminals are discovering opportunities to use and exploit AI and machine learning powered assistants to carry out attacks.  

The second highest concern comes from the evolution of the work environment, with 23% of SMEs saying that securing remote work environments was a concern for them. Many UK businesses now offer a remote or hybrid working model – and while this flexibility is celebrated by employees for the most part, it does introduce security considerations when it comes to keeping data safe. 

When asked how those with remote workers ensure the security of company data when accessed by employees working from home, the majority (52%) said they use virtual private network (VPN) access, 48% train their employees on secure remote work practices, and 46% have remote access policies and controls in place. 

The top cyber security concerns for the future for UK SME owners

Nearly half of SMEs don’t know what to do in the event of a cyber attack 

The study also found that 49% of SMEs wouldn’t know what to do in the event of their business suffering a cyber-attack, and 69% didn’t have a cyber security policy in place.  

Despite this, most UK SMEs are taking proactive measures to prevent cyber-attacks, with 72% having invested in antivirus/anti-malware software. Nearly seven in ten make sure they regularly update their system software (69%) and 52% are making use of multi-factor authentication. 

How UK SMEs are facing up to cyber threats 

However, there is more that could be done, as 43% said that their employees are not trained on best practices and potential threats, and over half (53%) do not have cyber insurance in place in case of a breach, leaving their businesses vulnerable. 

Rob Rees, Divisional Director of Markel Direct, said: “Staying ahead of cyber threats is crucial for small business owners, especially as AI-driven attacks continue to evolve. Having a robust cyber security policy in place can help create a framework to safeguard against ongoing threats, whilst cyber insurance can help to protect your business in the event of a targeted attack.

“Almost half of SMEs reported not knowing what to do in the event of a cyber-attack – something that can be key to mitigating its impact. This is why we provide Markel Direct cyber insurance policyholders with access to a cyber response helpline; so that expert guidance is on hand to help small business owners should they experience a cyber security incident.”