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Cybersecurity is one of the most critical issues facing businesses, institutions, and governments nationally and globally. With the digitization of services and infrastructure intensifying, the risks posed by the Internet are increasing, and collaboration between businesses and governments to raise awareness and promote action against cyber threats is becoming imperative. Successful implementation of a comprehensive Cybersecurity strategy is vital for any business, regardless of size, as the advent of artificial intelligence, the sharing of sensitive data and information, and the increasing use of the cloud are creating a breeding ground for more complex cyber threats.

Companies in Greece – as well as internationally – are indeed making persistent efforts to meet high and changing Cybersecurity requirements, but they often face many obstacles on their way to digital protection. According to research conducted by Metron Analysis on behalf of Vodafone, the most important among them are poor risk knowledge, lack of training, and limited security measures.

Especially in the Greek market, where the majority of companies belong to the SME category, the demand for a strong “safety net” is even more pressing, considering that small and medium-sized companies are more vulnerable to cyber threats and are more frequently targeted by cyberattacks. To illustrate, most of them have been the recipients of misleading emails or phone calls at a rate of 62%.

According to the survey, 65% have detected malware on their devices, while 44% have had their social networks or emails hacked.

Risk Awareness
Today, a total of 8 out of 10 businesses in Greece say they recognize the risks of the Internet. This is a positive step towards awareness, but it raises the question of whether businesses are really prepared to take action and reduce risk.

With illegal activity, such as malware and fraudulent transactions, on the rise, businesses are being urged to take a big step towards cybersecurity, with 2 in 3 already believing they are very likely to suffer a cyber attack in the future.

This digital vigilance on the part of Greek companies seems to have borne fruit, as when it comes to personal data, for example, the country’s businesses – especially the largest and those based in Attica – report a greater sense of security than five years earlier.

Prevention and countermeasures
Of all Greek companies, although they are taking individual measures for their digital security, such as in online purchases/transactions by installing protection software, only 57% currently respond that they have a comprehensive plan to prevent and respond to cyber-attacks. Of course, many more (85%) – as the survey shows – recognize the need to take measures when transacting online, with the figure being even higher for larger businesses (94%). In most cases, for example, installing protection software is the first measure taken.

Strengthening cybersecurity is not just about protecting against attacks. Adopting proactive measures also builds trust between customers and businesses. Security is a critical factor for the reputation and sustainability of any brand; however, only 19% of businesses have tapped into national or European funding for cybersecurity-related technology upgrades.

How to act
Greek businesses, however, seem to have grasped the magnitude of the problem It is clear, however, that they need to take more practical actions and, regardless of their size, not only have the appropriate knowledge around cyber threats, but most importantly take the step of adopting a strategy and solutions that will help them protect themselves and, by extension, their sustainability.

Given that companies’ most vulnerable point when it comes to Cybersecurity is their lack of knowledge of the associated risks and lack of culture/education, it is small companies that face the most acute problems and therefore are the ones that need to take the most immediate initiatives.

In their motivation to take action, Greek businesses can visit V-Hub, where articles and advice on cybersecurity are available, and can make an appointment with a Consultant to discover and discuss together what their next steps could be in the area of Cybersecurity, and the Digital world in general. Vodafone Business, with a mission to become the most trusted technological partner of small and medium enterprises, and not only, of the Greek market, stands actively by all businesses and invests in their growth, both through its solutions and through V-Hub’s Free Digital Consultancy.

How will they now win this Cybersecurity bet? What are the trends that will shape the way we work and collaborate in the coming years? On the occasion of October, which is also dedicated to awareness around Cybersecurity, we provide further insights and tips that we believe will accompany you on your journey towards a more secure future.