4 Compelling Reasons Why Cybersecurity Is More Critical for Small Businesses

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Cyber-attacks taking place are now common to hear. Breaches on data are becoming more and more common and can impact the functions of nearly any company.

Ironically, small business owners have the wrong notion that they are immune to this burgeoning threat. According to statistics, more than half of small businesses do not apply a system to prevent the threat of cyber-attacks. More than ever, it is critical to get cybersecurity services to ensure your business is protected.

  1. You Are More at Risk

Massive companies such as Amazon and Walmart spend millions of dollars annually on cybersecurity services. They even employ a staff who manage the detection and response service to combat threats. Once a threat is detected, it can be simply identified and stopped, reducing the organization’s risk.

Small businesses are exposed to much greater risk. Their information is effortless to access, and they don’t have the budget to track down cyber attackers responsible. Thus, you must ask yourself this question: if you are a hacker, which type of business is more accessible for you to breach?

Your small business is more at risk. According to statistics, cyber-attacks were targeted at small businesses with a size of fewer than 250 employees.

2. No Policies in Place

Larger companies will often have wide-ranging policies in place. In contrast, merely 36% of small businesses have data security policies. Thus, small businesses are completely unprepared in the event of cyber-attacks or data breaches.

3. Successful Phishing Schemes

The staff of small businesses is not properly trained to identify phishing. These types of attacks usually occur through email or other software programs. It is often crafted to look professional and official. It tries to fool employees into releasing crucial information, which is then utilized for criminal purposes. Employees of small businesses simply cannot recognize or report attacks due to their lack of training and awareness.

4. The Rise of Ransomware

There is plenty of ransomware that have been utilized to attack companies, breaching their information and keeping it hostage. But once the ransom is paid, the information is released. But companies that do not pay the ransom will suffer devastating data loss. These major attacks can shut down entire governments and even put millions of people in a dangerous situation. This trend is expected to persist and even increase in the future.

Larger companies can afford the costs after a breach, but a majority of small businesses cannot handle it. The cost of recovery, on average, will require thousands of dollars. Thus, almost 60% of small businesses might be closing and failing months after a cyber-attack.

What Can Business Owners Do?

In many cases, the cost of recovery will exceed what a small business can manage. Thus, it is crucial to be prepared. Stopping attacks in the first place should be a top priority. The following are tips that can help your business stop potential attacks.

  • Have a Cybersecurity Policy in Place

Policies allow employees to know exactly what to do and who to report to if they find that a cyber scheme or cyber-attack is taking place. These policies must be set up to mitigate the damage of an attack and stop it at once.

  • Employee Training

Employees who have undergone training, especially when it comes to phishing attacks, will be aware and recognize the threat.

Cyber-attacks are a serious issue for small business owners. Since a majority of transactions are now taking place online, you must protect yourself from these cybercrimes. It will help if you are steps ahead of these hackers. It is recommended that you hire a cybersecurity team and put good policies in place.

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