Why Are SMBs the #1 Target for Cyberattacks?
Never before has cybersecurity been such a widely discussed topic, and threats are getting more sophisticated, and more frequent. Yet, many companies still have not adopted a security-first culture for their organizations.
So, what types of business are really at risk? Fortune 500 companies? Enterprise-level companies? No, actually the number one target for cybersecurity attacks are small to mid-size businesses (SMBs). In 2017, 53% of malware attack victims were small businesses, and as reported by multiple sources, more than half of all small businesses that suffered a cyberattack were out of business within six months as a result.*
According to a Cisco 2018 report, targeted attacks, ransomware, and advanced persistent threats are the top security challenges faced by SMBs. There are many reasons why cyber criminals attack SMBs – understaffed IT departments, lack of strategic planning, and poor implementation of tools. However, a key factor is that SMBs tend to believe that they will not be the target of an attack.
“Security isn’t a priority.” “I haven’t been attacked yet.” “ I trust my employees.” “I have nothing anyone wants.”
These are just a few of the flawed arguments we hear when speaking to SMB executives who do not have security plan in place. Luckily, as cyberattacks are increasing in number, the resources and tools available to the SMB market are also increasing. Today, there are more affordable options and effective tools than ever before in the SMB market. The use of cloud-based applications eliminates the need for expensive infrastructure. Subscription-based pricing models for SMBs allow for lower, more flexible costs rather than one large upfront cost. Working with a managed service provider will allow a SMB to have the best solution built custom for their needs.
The best time for a SMB to implement a security solution is before an attack happens. Focusing on prevention is far less costly than cleaning up after a security disaster.
For more information on cybersecurity, download our eBook, What Makes a Good Cybersecurity Defense for a Modern SMB?
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* Testimony of Dr. Jane LeClair, Chief Operating Officer, National Cybersecurity Institute at Excelsior College, before the U.S. House of Representatives Committee on Small Business (Apr. 22, 2015), available at http://docs.house.gov/meetings/SM/SM00/20150422/103276/HHRG-114-SM00-20150422-SD003-U4.pdf. Although Dr. LeClair does not provide a citation for this statistic, it appears to come from a 2012 study by the National Cyber Security Alliance, which found that 60 percent of small firms go out of business within six months of a data breach. National Cyber Security Alliance, America’s Small Businesses Must Take Online Security More Seriously (Oct. 2012).