The findings come from a survey commissioned by CyberSmart and conducted by Censuswide, gleaning information from a thousand SME senior leaders in the UK.

In light of the rising cost-of-living, the survey found that the biggest factor contributing to increased cyber threats was believed to be disgruntled employees.

38% of respondents believe malicious insider threats were the primary reason the cost of living would lead to more cyber attacks. 

The second highest (35%) reason was negligent insider threats, or overworked and distracted employees making mistakes.

In this vein, the survey shows nearly a quarter (24%) of employers find their employees are overwhelmed by finances, causing them to be less engaged and productive. 

“It only takes one disgruntled or overworked member of staff to make a decision that could put the entire business at risk. This research highlights the importance of conducting regular security awareness training, but also the need to show up for employees with empathy and support,” said Jamie Akhtar, CEO of CyberSmart. 

The cost-of-living crisis has been exacerbated by high inflation rates, which peaked at a 41-year high in October of last year, and has seen thousands of workers let go from their jobs due to companies choosing to lean out to make their bottom lines. 

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The survey shows nearly one in three employers have not had their salaries raised, resulting in a decline in wages of sorts as everyday expenses increase. A further 11% of respondents admit to actually reducing staff salaries in this time.

Additionally, approximately one-quarter of SMEs (24%) have paused recruitment efforts, leading to an increased workload on an already taxed-out workforce.

However, Akhtar points out: “Not all businesses are experiencing a negative company culture as a result of the crisis. In fact, 20% believe the cost-of-living crisis has brought the company closer together and 16% of employees are becoming more motivated to impress senior leaders. Nevertheless, in times like these, it is crucial that employers are mindful of how their staff are coping.”