Many small business owners still believe that their organisations would not be victims of cyberattacks. As such, they have not made IT security a priority.
You cannot buy into the idea that hackers and other cybercriminals won’t target your business just because it’s small. Doing so can put your enterprise at risk!
Cyberattacks on SMEs Are Increasing
There is this notion that cybercriminals are only interested in large businesses. The data gathered over the past years disprove this belief.
The 2019 Breach Investigation Report from Verizon showed that 43% of cyber threats were directed at SMEs. Meanwhile, in a survey by Hiscox, 4 in 10 SMEs admitted that they’ve suffered from multiple breaches.
It is predicted that these cyber threats are going to grow in number in the coming years as more businesses go digital.
Believing these facts can be difficult as targeting SMEs seems counterintuitive. For one, these criminals stand to gain more if they attack big companies. After all, the top motive for these attacks is financial gain.
So, why are SMEs being targeted? Hackers recognise that they have higher chances of succeeding when they mount an attack on small and medium businesses as compared to large ones. With poor cybersecurity (or nothing at all), these companies are easier and cheaper to target.
Effects of Cyberthreats on SMEs
Cyberattacks can paralyse business operations. In case of a severe security breach, small and medium companies experience an average downtime of 8 hours.
Furthermore, it can take a while for small and mid-market companies to recover from these attacks because they have limited resources for response and recovery. Some organisations even end up closing shop.
The National Cyber Security Alliance said that 60% of SMEs who stop operations following an attack end up closing permanently.
These hacks also have significant financial repercussions. In 2018, the majority of the cyberattacks resulted in financial losses amounting to over €450,000. The figure includes lost revenues, recovery cost and regulatory fines, amongst others.
SMEs Need Top-Notch IT Security Infrastructure
You can no longer delay investing in cybersecurity if you want to keep your business safe and operational. With the threats getting more sophisticated and intense, you need excellent security – one that is going to help you prevent, detect and respond to these attacks.
Remember, when it comes to cybersecurity, a one-size-fits-all solution won’t cut it as each business is different. The security infrastructure needs to be able to address your specific risks and vulnerabilities for it to be truly effective in warding off hacks.
Moreover, on top of utilising equipment and solutions with top-notch security, training your employees on cybersecurity should be part of your strategy. Studies show that human error is one of the leading causes of these breaches. Along with teaching best practices, the training should help employees identify cyberattacks, especially phishing – the most common type.
Admittedly, building a top-notch IT security infrastructure is not an easy feat since it requires technical resources. Fortunately, there are companies that specialise in helping organisations achieve cyber resilience. This kind of service provider can conduct an assessment to identify your risks. It can also create and implement countermeasures to minimise threats as well as design a recovery and continuity plan in case of an attack.
Bolstering your digital defences is essential for your company’s survival. Failing to do this now is akin to putting your business at risk of closing down.
Need top-notch IT security for your business? Intuity Technologies is one of Irelands leading providers of cybersecurity training and IT security solutions. Call us on 1890 987 900 today to learn more about our products and services.
Image by Katie White from Pixabay