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DIGITAL SME launches ISAC, a cyber threat centre for SMEs

The new SME ISAC (SME Information Sharing and Analysis Centre) is a task force driven by the DIGITAL SME community that offers analysis and expert insights to SMEs to stay ahead of upcoming cyber threats
At its launch, SME ISAC presents its Ransomware Landscape in Europe, a report covering 21 European countries in the first half of 2023. Reports highlight an increase in cyber attacks of 157.8% with main concentrations in Germany, France, Italy and Spain
SME ISAC is a community of experts open to interested private and public stakeholders who want to contribute by sharing knowledge and resources

In a decisive move to address the challenges of cyber threats faced by SMEs across Europe, European DIGITAL SME Alliance represents SME ISAC (Information Exchange and Analysis Centre). Established with the purpose of consolidating and disseminating intelligence on cybersecurity threats, this hub comes at a crucial moment when SMEs are facing an evolving landscape of cyber threats and a critical need to acquire cyber security expertise.

SME ISAC, an ad-hoc expert group within the European DIGITAL SME Alliance, is dedicated to empowering SMEs and creating a resilient digital society. Through SME ISAC, DIGITAL SME aims to provide its community with the necessary tools and knowledge to understand and combat cyber threats.

Increase of 157.8% ransomeware attacks

“In today’s digital environment, risk awareness and information sharing are key pillars. In-depth knowledge of the tactics, techniques and procedures (TTP) adopted by the different threat actors is essential to effectively anticipate and mitigate cyber-attacks. The SME ISAC is emerging as a European hub, providing a collaborative environment where SMEs can collect, share and operate on the basis of effective shared and timely intelligence. Through SME ISAC, the DIGITAL community of SMEs is committed to providing vital tools and knowledge, fostering a cybersecurity culture that is crucial for the development of the SME sector at European level", said Pierguido Iezzi, Chair of SME ISAC.

In support of SME ISAC, the publication of the “Ransomware Landscape in Europe H1” report provides essential insights into the cyber threat landscape. This report reveals a significant increase from 157,8% ransomware attacks from May 2022 to May 2023. This escalation underlines the need for transnational cooperation in the fight against digital threats. Countries such as Germany, France, Italy and Spain have seen a significant increase in attacks. Over the past year, Germany has reported 54 attacks, followed by France and Italy with 39, i.e. 35 Attacks, indicating their attractiveness as the main targets of cybernetic opponents.

SME ISAC is part of DIGITAL SME's commitment to protect the interests of digital SMEs and contribute to a safer digital future. Membership in SME ISAC is open to individuals with experience in cybersecurity, including experts from the private and public sectors, who share a commitment to strengthening the cyber resilience of SMEs. DIGITAL SME invites all interested parties to join forces in building a network of experts to foster cyber resilience through SME ISAC by submitting an expression of interest to this link.

What are the consequences of cyberattacks for small and medium-sized enterprises?

A successful cyberattack can cause serious financial and reputational damage to a company, which is often more devastating for SMEs than for larger companies. The cost of dealing with and remedying the consequences of an attack, together with the potential loss of customer confidence, can threaten the very survival of a small and medium-sized enterprise and is the reason why many smaller enterprises are forced to close after an attack.

However, small and medium-sized enterprises are not helpless and can adopt different strategies to mitigate these risks

They must reject the dangerous misconception that they are too small to be targeted. No matter the size, all companies are potential targets. Small and medium-sized enterprises must be proactive, not reactive, in its approach to cybersecurity.
Small and medium-sized enterprises need invest in cybersecurity measures appropriate to their size and industry. This investment includes not only technological defense but also staff training. Employees need to understand the nature of cyber threats and the role they play in preventing them.
SMEs should consider cybersecurity assurances to mitigate potential financial losses from a cyber-attack. They can also work with larger companies in their supply chains to improve common security measures.
Cyber Security it is a permanent obligation, not a one-off solution. SMEs must regularly update and review their cybersecurity measures to ensure that they keep pace with evolving threats.

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