SMEs need to take cyber security seriously or face being frozen out of the procurement process, finds KPMG survey

Survey throws up worrying news for suppliers with lax information security safeguards.
Small and Medium Sized Enterprises (SMEs) risk being disqualified from bidding for work because of the lack of importance they are placing on looking after their valuable client data, according to a survey of procurement managers by KPMG.
A multisector KPMG survey of 175 procurement managers across the UK from organisations with over 250 employees revealed that the general consensus (70%) of procurement managers is that SMEs should be doing more to prevent cyber attacks and protect valuable client data.
The vast majority (86%) of respondents said they would consider removing an SME supplier if they were hacked and nearly all of the respondents (94%) confirmed that cyber security standards are important when awarding contracts to SME suppliers.
George Quigley, Partner in KPMG’s cyber security practice, commented: “Cyber security is not just a technical issue anymore; it has become a business critical issue for the UK’s SMEs.  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.
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