The challenge of Cybersecurity in SMEs

Participation in the “Next Generation EU Funds: Cybersecurity in SMEs” Talks by Banco Sabadell

On November 25, we participated in the series of talks on Next Generation EU Funds: Cybersecurity in SMEs organized by Banco Sabadell.

In Spain, there are 40,000 cyberattacks every day, with administrations and small to medium-sized companies being the main targets. One of the biggest challenges in cybersecurity is the constantly evolving nature of threats. As new technologies emerge, new attack methods are also developed.

Keeping pace with these changes and continuously updating protection systems is a challenge for any organization — but it is particularly difficult for SMEs, which often have limited resources to invest in security.

Internal Risk: A Persistent Challenge

Insider risk — the one involving people — remains one of the biggest unresolved issues in cybersecurity. Studies show it is present in over 90% of reported incidents. While companies are increasingly aware of this and dedicating resources to address it, most insider threat prevention programs are still not ambitious enough.

Fernando Mateus, CEO of Kymatio, pointed out that around 90% of cybersecurity incidents require employee participation, meaning SMEs must increase the digital culture of their human capital.

To improve this situation, companies should:

• Promote a security culture among employees.
• Provide cybersecurity awareness content.
• Increase the still-limited use of antimalware protection.

As Mateus stated: "No company or citizen is exempt from suffering a cyberattack."

Common Failures Detected

Among the most frequent mistakes are:

1. Ignoring the real situation regarding their greatest asset — people.
2. Focusing only on basic alert-driven behaviors.
3. Underestimating the importance of cultural norms in cybersecurity.

In cybersecurity, just like in daily life, different people react differently to the same situation. Therefore, treating everyone the same is not enough.

The Cost of Cyberattacks in SMEs

The average cost of a cyberattack in SMEs is €40,000. Despite this, only 20% of SMEs in Spain believe they could become a victim. As Mateus warned:

“This awareness must be promoted, so that the problem is not underestimated, because when it arrives it may be too late.”

Speakers at the Session

• Carmen Urraca – Director of European Funds at Banco Sabadell
• Lucia Arias – Senior Consultant at Govertis Advisory Services
• Fernando Mateus – CEO of Kymatio
• Javier Serrano – Director of Technological Security at Banco Sabadell

Watch the Session

If you missed the event, you can watch it here:
Session Video – Banco Sabadell Hub Empresa

More information:
The Commitment of the Next Generation EU Fund for Cybersecurity in SMEs