A Mastercard research on cybersecurity risks facing SMEs said 46 per cent surveyed globally have experienced at least one cyberattack since their inception, with that number increasing to 47 per cent for the UAE.
The study was conducted across five countries and included more than 5,000 small and medium business owners. In the UAE, over 1,000 businesses were part of the sample.
The survey found that SMEs are feeling the pressure in an era of constantly evolving cyber threats that have the potential to cause significant organisational damage and emotional strain. These businesses 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.
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.
UAE SMEs face cyberattacks
In line with global trends, malware was the most prevalent form of attack on UAE businesses at 32 per cent, closely followed by 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 per cent of the UAE SMEs that experienced a cyberattack had to invest time in rebuilding trust with customers and partners, while a quarter had to file for bankruptcy. Nearly 19 per cent had to close their business.
The UAE respondents said effective cybersecurity is critical for 78 per cent of them, and 57 per cent considered it a top priority for their business’s budget.
Globally, 80 per cent of SMEs that experienced a cyberattack 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).
Gina Petersen-Skyrme, SVP, Country Manager, UAE & 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.”
Mastercard tools and solutions
As part of its commitment to helping SMEs reap the benefits of the digital economy, Mastercard secures every transaction using the power of productive partnerships and advanced technology.
Mastercard Trust Center helps business owners defend their assets and reputation through online access to trusted cybersecurity research, education, resources and tools.
The recent launch of the Mastercard Business Builder program 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.
Through its new collaboration with VikingCloud, Mastercard brings risk-scoring and cybersecurity remediation capabilities to millions of small businesses worldwide. The company extends complimentary ID theft protection to SME cardholders, providing monitoring, alerts and resolution services. Other innovative solutions include My Cyber Risk, 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).
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