KPMG have carried a piece of research that highlights some of the risks associated with failing to increase cyber security. The research has found that those SME's who do not consider and implement robust security policies are likely to lose out on supplier contracts.
Over 80% of procurement managers interviewed stated that they would remove a supplier if they suffered a security breach and two thirds now require cyber accreditations such as ISO27001 or PCI DSS.
George Quigley, partner in KPMG’s cyber security practice, said that security was not just a technical issue but now had serious business implications. “Larger companies are placing an increased emphasis on the cyber security of their suppliers and increasingly the onus is on SMEs to show that they are tackling this issue head on," he said. “Unfortunately many SMEs still take a blasé approach towards cyber security and mistakenly don’t see themselves as targets of cyber criminals. Unless these organisations take a more mature approach towards cyber security now, they face the risk of being frozen out of lucrative supplier contracts," he added.