New research from payments juggernaut Mastercard has revealed that cyberattacks are becoming ever more present in the financial world and small and medium businesses (SMEs) need to be prepared as this trend doesn’t show any signs of slowing down.
Examining responses from over 5,000 SMEs across five countries, with 1,000 respondents hailing from the UAE alone, the Mastercard research found that 46 per cent of the SMEs have witnessed at least one cyberattack since their inception. Hacking and malware rank jointly as the most common forms of attack suffered by small businesses at 32 per cent each, with phishing a close second at 31 per cent.
Mastercard’s survey sends a clear message that in an era of constantly evolving cyber threats that have the potential to cause significant organisational damage and emotional strain, SMEs are feeling the pressure. Small businesses worldwide realise the urgent need to stay ahead of evolving cyber threats, and are actively seeking partners and solutions to bridge knowledge gaps and fortify their defenses.
Gina Petersen-Skyrme, SVP, country manager, UAE and Oman, Mastercard, said: “SMEs are the backbone of the economy, yet their size often makes them more vulnerable to cyberattacks. The proliferation of digital interactions is making it easier for cybercriminals to derail the efforts of these businesses.
The impact of the intrusion can be debilitating to the productivity and reputation of small businesses and cause significant financial strain. By partnering with trusted cybersecurity experts and implementing effective solutions like the ones offered by Mastercard, SMEs can focus on what they do best – running their business.”
Dealing with cyberattacks
Evaluating the consequences of cyberattacks, the report revealed that 80 per cent percent of SMEs that have experienced an attack have had to spend time rebuilding trust with clients and partners after the event, and nearly one in five have had to file for bankruptcy (18 per cent) or close their business (17 per cent).
As a result, 80 per cent of the respondents have expressed that effective cybersecurity is critical to their operations. Additionally, 62 per cent agree that when it comes to their business’s budget, cybersecurity is a top priority. Meanwhile, four in five believe they need a solution that keeps their business safe without requiring them to be a cybersecurity expert.
UAE cybersecurity spotlight
The study notes that 47 per cent of the SMEs surveyed in the UAE have witnessed a cyberattack. In line with global trends, malware is the most prevalent form of attack at 32 per cent, closely followed by four others – digital skimming, hacking, phishing and ransomware at 31 per cent each. The UAE is the only country participating in the research that has digital skimming among the top threats.
Seventy-seven percent of the UAE SMEs that have experienced a cyberattack have had to invest time in rebuilding trust with customers and partners, while a quarter have had to file for bankruptcy, and 19% have had to close their business.
Effective cybersecurity is critical for 78 per cent of the UAE respondents, and 57 per cent consider it a top priority when it comes to their business’s budget.
Mastercard Business Builder
As part of its commitment to helping SMEs reap the benefits of the digital economy, Mastercard harnesses the power of productive partnerships and advanced technology to assist small businesses in securing every transaction.
Mastercard Trust Center helps business owners, wherever they are on their cybersecurity journey, defend their critical assets and reputation through online access to trusted cybersecurity research, education, resources and tools.
This February saw the launch of the Mastercard Business Builder program that offers debit and credit cards for creators and SMEs, powered by enterprise-grade security technology by the company’s cybersecurity partner Cyvatar. In addition, it opens access to a full suite to cyber tools and resources, including Mastercard’s newly introduced Small Business AI solution.
Further supporting SMEs
The company’s Digital Doors programme supports SMEs in setting up shop online, growing and managing their business, accepting digital payments and safeguarding their online presence.
Through its new collaboration with VikingCloud, Mastercard brings risk-scoring and cybersecurity remediation capabilities to millions of small businesses worldwide. Meanwhile, the company extends complimentary ID theft protection to SME cardholders, providing monitoring, alerts and resolution services.
Other innovative solutions include, powered by Mastercard RiskRecon, a vulnerability scanner that enables small businesses to pinpoint, prioritise and act on cybersecurity threats to their websites or apps.
The company also works to make cybersecurity accessible and understandable for SMEs through its partnerships with the Global Cyber Alliance (GCA) and the Cyber Readiness Institute (CRI).
