Cyber attacks have become an expensive and frequent danger to businesses of all sizes. The cybersecurity attacks that usually make headlines are ones affecting large businesses, but it turns out that 62 percent of all cyber attacks target small and midsized businesses.
Small and midsized enterprises (SMEs) are not lucrative individually, but automation has made it possible to attack them by the thousands. Because various SMEs are affiliated with larger organizations and may have access to the data of these partners, hackers may also see SMEs as a gateway to larger corporate networks.
SMEs tend to be easier targets than large companies, because their budgets are usually smaller and don’t prioritize cybersecurity. However, the cost for victims to recover from a cyber attack has steadily increased each year, regardless of the size of the business. Cyber attacks are expensive due to lost productivity and recovery expenses, which can cost a brand millions in public relations consulting fees, customer outreach efforts, advertising campaigns and liability suits.
The staggering cost of a potential cyber attack makes network security and a technical risk assessment essential for a business to prepare for and recover from a security breach. As the digital age continues, cybersecurity grows more important.
Take time to identify any weaknesses in your business’s cybersecurity and create a plan for correcting them. For more information on how to prevent cyber attacks, read our post “Five Ways to Thwart a Cybersecurity Nightmare.”