Businesses stated that they are still unprepared to face common tech risks.
Around half or 41% of small and medium enterprises (SMEs) stated that high investment costs is their top barrier for digitising, according to a QBE survey. They also noted that SMEs have been adopting digitised means at a slower pace.
The second top struggle is the company’s lack of financing and funds. To go against this, 57% of SMEs stated that financial support from the government was a key form of support needed to lift these challenges.
QBE added that only 31% of SMEs have utilised government support available in 2019, despite most of them, 71%, being aware of the efforts launched by the government. This reveals a gap between awareness and uptake.
Furthermore, SMEs surveyed cited that they are still unprepared to face even the common business risks associated with the use of technology. Whilst 34% of all SMEs expressed concern over unauthorised access into a system or computer, only 17% hold business insurance for it.
Similarly, just 19% of businesses have protection for theft of sensitive data and information via the internet despite 37% expressing concern.
Additionally, only 18% and 16% of SMEs held insurance for customer fraud and fraudulent payments via the internet and infringement of intellectual property rights, respectively.
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