Cybercrime Targeting Small and Medium Sized Businesses

May 12, 2022

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Large organizations such as JP Morgan, Home Depot, and eBay have experienced breaches and made headlines, but they are not the only ones at risk. Small and medium sized businesses hold a majority of those who are targeted and are very vulnerable to cybercrime. Becoming aware of how often small and medium sized businesses are attacked should make those decision makers reflect if their organization is in fact safe and secure or not. Now more than ever is it important to not overlook how SMBs are greatly at risk of being the victim of a cybercrime.

Some people think their business is “too small” to be targeted, but if they hold any personal information that is not properly secure, a hacker will detect them at some point and attack. As hackers are aware of this mistake in small businesses, they tend to take advantage of the security gaps and cause damage, quickly and easily. Small and medium businesses are targeted by cybercriminals for a few reasons. One being they do not prioritize security within their technologies, or do not have as many resources as a large organization probably has. Many SMB’s handle their cybersecurity themselves, about 83% of the time, which shows that are not fully protected. These businesses then face serious financial consequences. The average cost of a cyberattack is more than $188,000 for small businesses. This does not include legal fees, lost productivity, and losing your customer’s trust. Overall, SMBs are significantly easier to target than large businesses. Thus, cybercrime represents a real and serious threat to small and medium-sized businesses.

Leveraging innovative technologies is essential if SMBs are to succeed in the modern economy, but SMBs must be mindful of the dangers that new technologies pose. One might think that installing a firewall and antivirus software is all you need to be protected, but that is a misconception. These components are important, but they have limitations. In today’s world, hackers have grown smarter and can find a way to break through those software’s. To be sure your small or medium sized business is protected to its best, you must also have the staff to run these technologies. Staffing or cybersecurity providers are certainly needed for continuous self-monitoring security protocols, who can keep up with evolving technology and its challenges.




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