IT Stress Points For SMEs Identified By TalkTalk Business

TalkTalk Business has identified in a new survey the major IT stress points for the small to medium enterprise (SME) sector.

In a survey of 250 small businesses owners across a range of sectors, TalkTalk Business, noted that there 5.5 million SMEs in the UK alone, but they are as worried about cybersecurity, connectivity, skills shortages etc., as their larger corporate brethren.

SMEs across a range of industries are often heavily dependent on technology to keep their businesses running smoothly. Last year for example research found that almost half of the UK small and medium sized enterprises (SMEs) sector were going to invest in technology in 2023.

IT stress points

The TalkTalk Business survey has now identified the top 10 biggest tech stresses for the SME sector. This is the list it found:

1. 1. Slow internet or connectivity issues – 33 percent
2. High costs associated with upgrading or replacing outdated technology – 25 percent
3. Technical glitches or system failures that disrupt business operations
4. Employee training and education on how to use technology effectively – 19 percent
5. Cybersecurity threats – 17 percent
6. Difficulty keeping up with new technologies and trends in the industry – 17 percent
7. Compatibility issues between different software or hardware systems – 15 percent
8. Lack of support or resources to manage technology effectively – 14 percent
9. Issues between cloud-based services like downtime or security concerns – 11 percent
10. Inadequate backup and recovery plans for data loss or systems failures – 7 percent

The 33 percent slow internet or connectivity worry as being the top issue faced by business owners should come as no surprise.

TalkTalk Business said the research identified Wi-Fi connectivity issues, with one third of UK SMEs (33 percent) experiencing Wi-Fi problems in the last year. TalkTalk Business also found that 74 percent of SMEs rely on Wi-Fi to run their businesses every single day, with other key tech being accounting software (63 percent), Cloud-based storage (48 percent), video conferencing (48 percent) and card readers/payment tools (44 percent).

The research also found that 1 in 4 (25 percent) of SMEs in the UK are struggling with the high costs when upgrading or replacing outdated technology. This high cost is most felt in the healthcare industry, with 50 percent of businesses facing budget issues with upgrading or replacing tech.

SMEs are also struggling to keep up to date with the latest technology trends, as 22 percent of SMEs feel like they’re lagging behind their competition.

With SMEs becoming so reliant on technology, TalkTalk Business said its research also showed that 23 percent experienced technical glitches or system failures in the last 12 months that have disrupted business operations.

Cybersecurity

The research also revealed that despite cyber security threats continuing to be a problem, with 17 percent experiencing a cyber security related problem in the last year, over half (58 percent) of SMEs aren’t using any form of cyber security software.

“Cyber criminal techniques are getting more sophisticated and cyber attacks more common, so SMEs have to be vigilant,” noted Paul Ducklin, senior product manager at TalkTalk Business. “Robust password policies and multi-factor authentication are essential and will protect your sensitive data. And ensuring you have the latest software and firmware updates will safeguard against the latest cyber threats.”

“It’s also important that your people are aware of the risk of phishing scams and vulnerabilities that depend on human error, so educate your employees to reduce this risk,” said Ducklin.

The TalkTalk Business survey also found that on average, technology glitches and failures cost SMEs over £3,100 a year. For 7 percent of SMEs the cost is up to £9,999 a year.