Three quarters of UK SMEs feel prepared for a cyber-attack, according to our research. Even 62% of micro SMEs – with under ten employees – felt that they were prepared in some way.

However, recent research from Gallagher highlighted a potential ‘perception gap’ between the SMEs that believe they are well-equipped for a cyber-attack and the fact that nearly half (43%) admit to having no business continuity, disaster recovery or crisis management plans in place.

One third of those that said they felt unprepared were not planning on investing in cyber security, yet the last few years have seen a substantial increase in cyber-attacks across the world. Cyber-attacks can not only be financially damaging for businesses, but can also seriously affect a business’ reputation and therefore its ability to attract and retain its customers.

SMEs needs to protect themselves. By planning ahead and putting in place, not only measures to prevent an attack, but a plan to mitigate any cyber issues, businesses will be much better prepared to deal with any fallout. These measures could include investing in security, seeking expert advice or investing in specialist insurance.

Indeed, most of the businesses surveyed did have plans to invest in cybersecurity in the next year. The average UK SME is planning to spend between £5,000 and £10,000 on cyber security; a similar amount to those in France and Germany (€5-10,000). Interestingly, this figure rises to over £14,000 for UK micro SMEs, although those are also the companies most likely to say they are not planning on investing in cyber-security at all (13%).