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Why Is Cybersecurity Important For Small Businesses?

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As an SMB owner, it’s easy to think that you aren’t likely to be a target of cyber-attacks after reading the seemingly endless headlines about cybersecurity breaches at large corporations. 

While big enterprises may get all the media attention, small and medium-sized businesses are also targets of cyber-attacks. Up to 43% of all breaches, according to a 2019 Verizon report, occurred at small organizations. Furthermore, according to statistics from another 2019 report, 63% of small and medium-sized enterprises had data breaches in 2019.

As a result, small businesses need to understand the importance of cybersecurity and how to prevent cyber-attacks. 

In this article, let’s explore 6 reasons why cybersecurity is important for small businesses. 

Untrained Employees

Small business employees are not taught to recognize scams and cyber-attacks. Phishing attacks typically take place through email or other software and are dressed to appear authoritative. They attempt to con employees into disclosing private information, which is then exploited. As a result, employees of SMBs simply fail to detect or report the attack.

Small Business Data 

Hackers are aware that even SMBs trade in data that is simple to sell for a profit, including credit card data, medical records, bank login information, and confidential corporate data. Cybercriminals always look for novel methods to steal this data.

To access bank information and conduct fraudulent purchases, they either use it themselves or sell it to others who will use it.

Computational Power 

Sometimes cybercriminals simply care about utilizing an SMB’s systems to create a big bot army and launch DDoS attacks. DDoS attacks work by falsely creating colossal volumes of web traffic to interfere with a company’s or network of firms’ ability to conduct business. The troublesome traffic is generated in part by the hijacked bots.

To Use as an Entry Point for Large Corporations

Businesses today are interconnected digitally to carry out transactions, control supply systems, and exchange information. Hackers target small businesses as a method to access the networks of major firms because it is likely (but not always the case) that larger companies are more difficult to breach.

No Policies 

Only a small number of SMBs have any kind of data security policy in place, compared to large companies that frequently have elaborate procedures in place. This implies that in the case of a cyber-attack or data leak, small firms are dreadfully unprepared.

Cash Abundant 

Cybercriminals primarily target SMBs and others for financial gain. Yes, some attacks aim to cause disruption, as in the case of DDoS attacks. But most of the time, the goal is to gain money. 

This clarifies why ransomware is such a widely used attack technique. It frequently works, bringing in money for the attackers. And hackers will continue to target small businesses to steal money or trade for cash.

Ways to Protect Your Small Business 

It is crucial to be prepared because the cost of recovery from cyber-attacks frequently surpasses what an SMB can handle. The top priority should be preventing an assault in the first place. The following ways will help your business withstand potential assaults.

Create a Cybersecurity Policy 

Employees may rely on policies to tell them exactly what to do and who to contact if they suspect a cyberattack or phishing scam. These regulations will swiftly halt attacks and lessen their damage.

Train Employees 

Employees should receive training so they are aware of the danger, particularly concerning 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 company goal. To achieve your security objectives, consider cybersecurity for SMB solutions.

Your cybersecurity activities can be planned more skillfully with a solution in place. With the help of this solution, your firm can create a long-term, strategic response to cybersecurity. The plan will cover things like technical tools, audits, and assessments, as well as business security rules.

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