Barclays launches campaign to help SMEs tackle cybercrime

The research for Barclays by YouGov showed that almost half of SMEs (44%) had been targeted by fraudsters, with approximately one in four (23%) of those targeted having fallen victim.

The average cost of a fraud to a business was almost £35,000. If these figures were applied to the nation’s more than five million SMEs, the total cost would equate to £40bn to date.

In two thirds of cases, the businesses had to cover these costs themselves.

Barclays says it has seen a rise in sophisticated fraud with criminals targeting SMEs. This includes using “social engineering,” with emails or phone calls impersonating people such as suppliers, staff members or even the CEO, tricking victims into giving out information or making payments.

The research also reveals that only half of small business victims (54%) reported the crime to the police, and over a quarter (28%) do not even tell staff when a breach has happened.

Barclays has invested over £18 million during the past 24 months on its national Digisafe campaign, which has already engaged five million people. The bank has also prevented over £857 million of potential fraud and scams in the last year.

In 2017, Barclays also hosted webinars attended by almost 7,000 SMEs to help keep them safe, and aims to raise that figure to 30,000 this year.

Ian Rand, CEO of Barclays Business Banking, said: “We’re on a mission to educate all small businesses of the growing risk of cybercrime and fraud.

“The staggering cost of these crimes can stop a small business from investing in new jobs, training or equipment, in turn boosting local economies.

“Fraudsters are targeting hard-working entrepreneurs, in some cases impersonating suppliers and staff, intercepting emails and sending fake invoices.

“However, the good news is that the vast majority of fraud against businesses can be easily prevented. Simple steps to increase security, such as having strong passwords and increased staff awareness, can all help combat fraud.”