As an SMB owner, it’s easy to believe that you’re unlikely to be the target of cyberattacks after reading the seemingly endless headlines about cybersecurity breaches in large corporations.
While large companies enjoy all the media attention, small and medium-sized companies are also subject to cyber-attacks. According to a 2023 Verizon report, up to 43% of all breaches occurred in small organizations. Also, according to statistics from another 2023 report, 63% of SMBs experienced data breaches in 2023.
Therefore, small businesses need to understand the importance of cybersecurity businesses and how to prevent cyber-attacks.
In this article, we’ll examine 6 reasons cybersecurity is important for small businesses.
Unskilled employees
Small business workers are not taught to detect fraud and cyberattacks. Phishing attacks often come via email or other software and are disguised to appear authoritative. They try to convince employees to hand over private information, which is then exploited. As a result, SMB employees cannot detect or report the attack.
Small business data
Hackers know that small and medium-sized businesses exchange data that can be easily sold for profit, including credit card details, medical records, banking credentials, and sensitive corporate information. Cybercriminals are always looking for new methods to steal this data.
To access banking information and make fraudulent purchases, they use it themselves or sell it to others who will use it.
Computational power
Sometimes cybercriminals simply want to use the systems of an SME to build a large army of bots and launch DDoS attacks. DDoS attacks work by generating colossal amounts of web traffic to affect the ability of a company or network of companies to do business. The problematic traffic is generated in part by hijacked bots.
To be used as an entry point for large companies
Today, companies are digitally connected to carry out transactions, control supply systems, and exchange information. Hackers target small businesses to gain access to large company networks, as larger companies are likely (but not always) harder to crack.
No politics
Only a tiny number of SMBs have any kind of data security policy, compared to larger companies that often have sophisticated procedures. this means that small businesses are unprepared in the event of a cyber-attack or data breach.
A lot of money
Cybercriminals mainly target small and medium-sized businesses and others for financial gain. Yes, some attacks are designed to cause disruption, such as DDoS attacks. But above all, it is about making money.
This illustrates why ransomware is such a common attack technique. It often works and makes money for attackers. And hackers will continue to target small businesses to steal money or exchange it for cash.
Ways to protect your small business
Being prepared is crucial as the cost of recovering from cyberattacks often exceeds what an SMB can afford. Preventing an attack in the first place should be the top priority. The following methods will help your business resist potential attacks.
Create a cybersecurity policy
Employees can trust policies that tell them exactly what to do and who to contact if they suspect a cyberattack or phishing scam. These regulations will quickly stop the attacks and reduce their damage.
Train employees
Employees must be trained to be aware of the danger, particularly phishing attempts. An employee cannot identify a threat if they are not aware of it.
Consider a cybersecurity solution
Building a strong cybersecurity framework takes time, just like any other business goal. To achieve your security goals, consider cyber security for SMB solutions.
Your cybersecurity activities can be better planned with a solution in place. With the help of this solution, your company can create a long-term strategic response to cybersecurity. The plan includes things like technical tools, audits and assessments, and business security rules.
