Why Do Small Businesses Need Cybersecurity Protection?
Cyberattacks grew in both severity and frequency in 2021. The biggest target of these attacks are small businesses. It’s estimated that cyberattacks will cost small to mid-size businesses as much as $5 trillion in the next five years alone.
Many small organizations are not prepared to defend their business against cyberattacks, and that’s why they’re the most popular targets for cybercriminals because they are also the easiest.
It’s estimated that a single data breach costs from around $34,000 to $200,000 according to Hiscox’s 2019 Cyber Readiness report. This of course is a setback that most small businesses won’t recover from. In 2020 alone, nearly 47% of all small businesses experienced a cyberattack, and at least 44% of these suffered more one.
Every organization is at risk of a breach
- All small businesses are vulnerable to cyberattacks today, regardless of the industry. IT infrastructures that support the ever-growing digital demands of organizations are difficult to support internally for some companies and loopholes start to appear within these structures. To combat these threats, security measures need to be strictly enforced in these organizations.
- Cybercriminals are fully aware of the loopholes inside their targets IT infrastructure. The situation is dire and it’s no longer a question of ‘if’ a cyber incident will happen, but rather ‘when’ will it happen.
- Most small businesses today don’t just lack proper security infrastructure, many businesses don’t even have a plan in place that would help them mitigate or recover from a devastating cyberattack.
- No small business could recover from a security breach that costs the company $200,000. Even medium and large enterprises have problems recovering from such an unexpected financial blow. Unfortunately, some companies can suffer from more than one breach in a year, and each can cost the company hundreds of thousands of dollars.
- Many times, cyber threats infiltrate the systems and remain undetected for weeks – or even months! Cybercriminals keep taking advantage of these infiltrations without getting caught because there are no threat detection mechanisms in place within these companies.
- Even after these breaches do get caught, companies may suffer compliance penalties, legal fees, loss of reputation, and loss of customers. Consequences such as these can easily bankrupt a business. In fact, it is estimated that almost half of all small businesses close within six months of a cyberattack.
- To prevent these problems from happening, organizations need to adopt a comprehensive security strategy to avoid cyber threats and adopt risk management policies that would also help to mitigate damages once an incident occurs.
Call Elijah Data Security – By staying ahead of the pack and putting the best cybersecurity strategy in place, you’re telling your clients that you’re a smart, safe, and savvy partner, one who fully understands the importance of money, reputation, and time – for both your own company, as well as theirs. Give us a call, we’re here to protect your business so you can focus on growing it.