Nearly half (47%) of UK business leaders believe their organizations are at risk of attack since the cost of living crisis began.
Inflation, soaring interest rates and rising utility bills are eroding household disposable income, even as wages are rising for many.
But a new survey of 1,000 senior small business leaders by Cybersmart found that 29% haven’t raised their salaries at all. This means that salaries are lower in real terms when inflation is taken into account. A further 11% said they had actually cut salaries, a quarter (24%) said they had paused hiring, and 16% said they had laid off employees for economic reasons.
Against this backdrop, many small business owners are understandably concerned about the impact on their employees. Of those who believe their organization is more exposed, 38% attribute it to malicious insiders and 35% to mistakes made by overworked or distracted staff I think.
For more information on insider threats, see Critical Infrastructure Firms Concerned About Insider Threats.
According to CyberSmart, a quarter (24%) of respondents said their employees were “overwhelmed or worried” about their financial situation, and a fifth (18%) %) said they felt their employees were overworked.
A similar proportion (16%) said that this stress has reduced staff engagement and productivity, 14% believed it was causing frustration, and 11% said management and employees I feel the rift between members is widening.
Insider threats highlighted in the report include:
- Steal sensitive data to sell it for profit (20% cited)
- Hurt the company’s reputation through resentment (17%)
- Steal money from a company or commit financial fraud (14%)
- Making mistakes, such as clicking on phishing links (22%)
Jamie Akhtar, CEO of CyberSmart, argued that companies need to combine regular security awareness training with more empathy and support for staff in difficult situations.
“Not all companies have experienced a negative corporate culture as a result of the crisis. He says he has a growing desire to give.
“Still, in times like these, it’s important for employers to be mindful of how their employees are coping. You can make decisions that can put your entire business at risk.”
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