Many small and medium-sized businesses mistakenly believe they are safe from a cyberattack, assuming that cybercriminals only target large corporations. They underestimate the value of their data and in turn put their own customers are great risk. According to the U.S. National Cyber Security Alliance, nearly 43% of cyberattacks target small and medium-sized businesses! So why are SMBs such prime targets?
Lack of Budget and Resources
- Cost of Cybersecurity Tools: SMB’s often have tight budgets, making it difficult to invest in advanced cybersecurity solutions, tools or software.
- Cost of Hiring Experts: Many lack the financial resources to hire dedicated cybersecurity professionals or external consultants to implement and maintain security protocols.
Data and Systems Management
- Inadequate Data Protection: Many SMBs don’t have proper data backup systems or data protection practices in place. In the event of a ransomware attack, for instance, they may not be able to recover their data without paying a ransom.
- Cloud Services & Third-Party Risks: SMBs often rely on third-party services and may not have the resources or process to properly assess the cybersecurity practices of their vendors, thus putting their own selves at risk.
No Incident Response Plan
- Lack of Preparedness: SMBs may not have a formal cybersecurity plan in place. In the event of an attack, they may not know how to contain the breach, notify stakeholders, or recover operations efficiently.
- Limited Business Continuity Planning: Many SMBs lack disaster recovery plans that minimize downtime to ensure operations resume quickly after a cyberattack.
Weak Cybersecurity Culture
- Lack of Awareness: SMBs may not prioritize building a security-conscious culture among their employees. This can lead to risky behaviors like using weak passwords, ignoring software updates, or clicking on unsafe links.
- False Sense of Security: SMBs may feel secure using basic tools like strong passwords, antivirus software, or firewalls which are insufficient against a sophisticated attack.
Because SMBs are typically less prepared, hackers see them as easier targets, often using simple, cost-effective methods like malware, ransomware, or social engineering attacks to exploit vulnerabilities. With law enforcement focused on bigger dollars, there is less perceived risk for hackers in targeting small to mid-sized organizations. Regardless of your organization’s size, there are measures you can take to ensure you are protected. To learn more about cybersecurity plans specially designed for SMBs, schedule a call with our team today!
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