Why SMBs are at Greater Risk of Cyber Attacks
The adoption of remote working across the globe has had a significant impact on the way in which business is conducted. Without conventional borders, organisations are able to tap into talent pools that were previously inaccessible. But, with this new and more open approach, comes inherent risk. Cyber crime has surged in recent times, and the criminals behind these attacks aren’t only targeting large institutions – a common misconception – rather organisations of every size.
In fact, small and medium-sized businesses (SMBs) find themselves at greater risk, with Accenture reporting that 43% of all cyber attacks are aimed at small businesses. Despite this, only 14% reported that they were able to protect themselves against this threat. With the risk of a cyber attack being ever-present within the world of SMBs, why are they not better prepared?
Why are SMBs Targeted by Cyber Criminals?
While a cyber attack on a large corporation, such as a financial institution or government gateway, may have wider reaching ramifications, they tend to be far harder to infiltrate. This can be a deterrent to cyber criminals, as valuable data and information is readily accessible via different, less protected, sources – such as SMBs.
So, why is the threat of SMB cyber attacks so prevalent?
- Often SMBs lack the budget or resources to protect themselves from cyber attacks. As is the case for any business, finance delegation and investment is imperative to success. This is especially true as a small or medium-sized business, where resources can be slim. However, it is integral that cyber security is factored into your budget – and not deemed surplus to requirements – as the average cost of a data breach to small business can range from $120,000 to $1.24 million. While some SMBs view cyber security as an unnecessary expense, the money saved in the long run, due to the prevention of a cyber attack, is monumental. It is therefore essential that you partner with a trusted cyber security provider, such as Landmark, to develop your cyber security posture.
- Many SMBs believe they are not big enough to be a target of cyber crime. SMB cyber attacks are, in fact, one of the more common forms of cyber crime. Due to their size, many SMBs feel they are unlikely to get be targeted by cyber criminals, which is not the case. This means that they are reluctant to appropriately invest in cyber security solutions and staff training programmes, consequently making them more penetrable, and therefore an easier target. This vicious cycle can be quickly remedied by investing in a cyber security solution that keeps your business’ data safe.
- SMB cyber attacks can be a gateway to the data of larger enterprises. As discussed, SMBs are less likely to have the proper cyber security posture in place to deter cyber attacks. This, in turn, makes them an easier target for cyber criminals than larger enterprises. However, many SMBs are gateways to the data stored by larger enterprises, and by gaining access to one, cyber criminals can more easily infiltrate the other. This has become a common theme within the world of cyber crime, and SMBs must fortify their defences in order to thwart this rapidly intensifying trend
Landmark: Your trusted cyber security provider
At Landmark, we understand the importance of finding a cyber security solution that works for you. This is why our solutions are highly customisable, and can be catered to suit your every need. For more information on how Landmark can keep your company’s sensitive data protected, download our free eBook, here.