Technological risks could threaten SME business confidence

According to the latest SME Risk Index from Zurich Insurance, nearly 50 per cent of SMEs believe the economy will improve in the next quarter. However, 39 per cent of those surveyed are worried about vulnerabilities associated with technology.

The failure of local network systems is amongst the top three biggest technological risks, followed by cyber attack (31 per cent) and the threat to their social media reputation (15 per cent).

Richard Coleman, director of SME at Zurich Insurance said: “While it’s important for business owners to avail these opportunities, it’s also important that they plan sufficiently ahead for the long-term risks on the horizon, such as the significant changes underway in technology and workforce structure.

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