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Cyber vulnerability is top concern for SME CEOs

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Cyber vulnerability is top concern for SME CEOs

But executives feel optimistic about near-term growth.

Small and middle market business executives are not prepared for a cyber-attack, according to a quarterly survey by advisory firm Vistage Worldwide.

Vistage conducts a quarterly survey covering a variety of small business topics, and more than 40% of respondents answered "no" when asked if they feel prepared for a cyber-attack.  The dependence on technology in an interconnected, global marketplace makes preparedness for cyber-attacks, such as hacking for customers' personal data, a topic of importance among business owners.

Nearly one-third of survey respondents report that the most significant issue they are currently facing is staffing.

"Security involves every aspect of your business," said Dieter Gable, CEO of TB Consulting, cyber-security expert and Vistage member. "A breach can come from a malicious attack, human error, or a system glitch. In an age when hackers are becoming more and more sophisticated you must be prepared with a plan, security mindset, and proper employee training."

Overall, SME business executives feel optimistic about their business growth in next 12 months, with 70% anticipating increased revenues and 55% anticipating improved profitability.  Other notable survey findings include:

  • Nearly one-third of survey respondents report that the most significant issue they are currently facing is staffing, including finding qualified candidates, hiring, retaining valuable staff members, and training.
  • Despite the fact that millennials make up the majority of the current workforce, 50% of respondents do not have a plan in place to train millennials for leadership roles.

To review more survey results, click here.

 

 

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