Cybersecurity fears are preventing the growth of Europe's SMEs. Almost half are deliberately choosing not to expand due to their vulnerability.

Brussels

Small and medium-sized enterprises (SMEs) in Europe, which make up 99% of all companies and provide the majority of jobs, are facing increasing threats from cyber scams. Mastercard research indicates that one in four SME owners has been targeted by cyber scammers, with Ireland, Denmark, and France reporting the highest rates of such incidents. The consequences include financial losses for 11% of entrepreneurs and loss of customers for 9%. The fear of cyber attacks is also preventing nearly half of SMEs from expanding, particularly in countries like Slovakia, Poland, Spain, Norway, France, and the Czech Republic. Additionally, a quarter of business owners worry that a cyber attack could force them to close, with Gen Z entrepreneurs expressing the highest levels of concern.

Which European countries are most affected by cyber scams?

Cyber security concerns are preventing the expansion of small and medium-sized enterprises. Europe's 23 million small and medium businesses represent 99% of all companies and provide around three quarters of jobs. But the backbone of the continent's economy is also highly vulnerable to cyber attacks. One in four European small and medium business owners has been targeted by cyber scammers, according to Mastercard research. Ireland, Denmark and France reported the highest rates. Overall, 11% of entrepreneurs have lost money to scams, while 9% lost customers after being targeted. And the impact is wider than it seems. Nearly half of business owners say they know other entrepreneurs who fell into the trap. This risk holds back nearly half of them from expanding their companies, particularly in Slovakia, Poland, Spain, Norway, France and the Czech Republic. A quarter fear that a cyber attack may force them to shut down entirely. Gen Z entrepreneurs are the most concerned. 36% of them worry about cyber crime on a daily basis.

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Jerusalem

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Breakdown