Last Updated on Thursday, 5 September, 2024 at 11:14 am by Andre Camilleri
For Small and Medium Enterprises (SMEs) operating within different industries in Malta, the implementation of robust cybersecurity measures to safeguard valuable assets requires a substantial investment, which is not always easy for them to afford.
It is for such reasons that the CYBER+ALT grant scheme, which is co-funded by the European Union under the Digital Europe Programme and by National Funds, has proven to be beneficial in many aspects to many of these businesses that are seeking to improve their cybersecurity posture.
Some of the SMEs that applied for the grant scheme have expressed the importance of having robust cyber security measures and controls in place when handling sensitive client data, company information, employee data, accounting/financial data, contracts, processes, confidential documents etc. They expressed their concern whereby should such sensitive data be compromised, either through internal or external threats, this could result in severe financial, operational, reputational, and regulatory impacts.
Some of these enterprises have either experienced cyber-attacks or else felt that they could be exposed to potential attacks. They recognise that their business depends on client or public confidence in knowing that data is being handled well by the company and protected from any compromise. In fact, they admit that if any of their client or user data was to be breached, then this would have a huge negative impact on trust, which would lead to a decline in clients and consequently in their revenue.
Therefore, for these enterprises it has proved critical to benefit from this funding opportunity that will allow them to take prompt action in reinforcing their cyber security measures. These measures will not only help them address their immediate vulnerabilities but will also permit their longer-term viability and sustainable growth of their business.
The SMEs admit that without this grant scheme, their investment in cyber security measures would have to be scaled back, postponed, or even possibly cancelled due to other budget considerations and priorities. They feel that the CYBER+ALT scheme is a golden opportunity to improve their cybersecurity resilience.
Through the CYBER+ALT Grant Scheme, SMEs will be assisted through non-payable grants to part-finance their investment in cybersecurity measures that will enhance their overall level of security and resilience. This investment will not only fortify their position in being protected against potential cyber threats, but will also enable them to be proactive to meet future challenges. Moreover, this grant scheme will also help to increase the local investment in cybersecurity measures.
This article is co-founded by the European Union.
