KPMG recently surveyed a range of procurement officers around the UK, and they heard some interesting things about contracting practices.
For example, 70% of respondents said that SMEs should be doing more to protect their data from cyber threats and protect valuable client data. And almost every single one—94%—said that cyber security standards are are important when awarding SME contracts.
Possibly even more interesting is that 86% of the respondents said that they consider removing an SME supplier if that supplier was hacked.
What does all of this mean for you?
In short, it means that you need to make sure you’re taking the right precautions or you could face some very serious repercussions, especially if you contract with larger businesses. If you haven’t taken the time to make sure that you’re protecting your data, you should do it as soon as possible.
Using SmartTrade is a great start—all of your payments information is protected by industry-grade encryption through Stripe. But you should be doing more, too.
Make sure your passwords are strong. Don’t keep old customer data in unprotected folders on your computer. Install a good antivirus program, like BitDefender or Avast. These are just the basics of computer security. If you start with those, you’ll be well on your way to protecting yourself.
It might seem like too much effort for not enough reward, but it could prevent a costly mistake in the future. It’s worth the time you’ll spend!