The National Cyber Security Alliance reported that one out of five small businesses are affected by cyber-crime every year. 60 percent of these affected small businesses closed their doors within six months. The consequences of cyber-crime are profound enough to incapacitate your business.
Big corporations like Sony, JP Morgan, and others have experienced major data breaches resulting from cyber-crime, as you have probably seen in the news. However, small businesses that get hit are overlooked as news stories. The following will discuss five crucial reasons to obtain cyber security for your small business.
- Cyber Threats Really Happen
Sixty percent of cyber-attacks target SMBs (small to medium-sized businesses), per a Verizon Data Breach Investigations Report. SMBs don’t consider themselves targets. They think they are relevant to hackers. Hackers know SMBs assume they aren’t targets, therefore they lack the experience, technology, and resources to fight back.
One survey showed that 85 percent of small business owners admitted that they think large corporations/organisations are the main target for cyber criminals. Cyber-criminals will find weak security systems and attack them regardless of the size of the organisation.
- SMBs Have Data Hackers Want
Small businesses may not have as many risks as bigger businesses, but the Council of Better Business Bureaus claims that 7.4 percent of small business owners have been victimised.
SMBs have customer and employee data, making them perfect for the picking. Hackers can obtain social security numbers, banking credentials, and other confidential and sensitive data.
- Cyber Crime Never Rests
There are so many cyber criminals out there that 3.5 new threats happen every second, according to findings from security software company, Trend Micro. This stressed the importance of doing your due diligence in finding the appropriate cyber security option for your small to medium business.
What are two factors that feed the increase in cyber intrusions?
- SMBs are plentiful, making them a large market for exploitation
- Large organisations have security in place, pushing attackers towards SMBs
SMBs need to enforce or reinforce their internal security policies and rules. Be aware of suspicious Internet activity and have a backup emergency plan in place in case you’re attacked.
- Noncompliance Costs
Did you know that compliance costs $3.5 million for multinational organisations? Did you know that noncompliance costs more than that and more than money? SMBs handle technologies, work with people, and deal in processes just like big businesses, making them a target. It’s a betrayal to think SMBs don’t need to comply with the current data protection regulations.
- SMBs and Hackers Use the Cloud
The cloud market is huge in the SMB arena, and is valued at over $100 billion and counting. With the development of “cloud computing” and applications, it’s cheaper for SMBs to use the cloud than to buy expensive programs for managing their business and data. SMBs use the cloud to store confidential data as well as everyday correspondence and such that they share across their network. Hackers can get in there too without the proper security protocols in place.
As the cyber-criminal community grows and evolves, so should SMBs security protocol. You don’t want to risk losing your data, sales, money, and productivity. You could even lose your business to these hackers. Any organisation, small to large, is a prime target so take the appropriate steps to safeguard your data and technology.