Companies — big or small — stand to suffer a lot from a severe cyber-attack. According to a survey, companies with fewer than 500 employees face an average loss of $2.5 million every attack. Losing this much money in a cyber breach is disastrous for small businesses, let alone the reputational damage associated with a cyber attack.
They face the same cyber security concerns as leading companies. Unfortunately, a prevalent misperception among small businesses is that they can achieve security through anonymity, that they are too little to be a target. Regretfully, this is not the case.
Due to the increased automation of attacks, attackers may easily target hundreds, if not thousands, of small businesses simultaneously. Small businesses frequently have too few robust technological defenses, a poor understanding of potential risks, and a lack of time and resources for cybersecurity. As a result, they are a more appealing target for hackers than larger enterprises.
However, they are no less profitable targets. Even the smallest firms can handle enormous sums of money or have access to massive amounts of consumer data, which they are required to protect under regulations such as GDPR. Additionally, because small businesses frequently collaborate with larger enterprises, hackers can leverage them to target the big ones.
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Desiree Macy is the Editorial Director of Security Forward which is frequented by security executives, corporate security officers, and private protection professionals each month. Desiree’s interests revolves around cyber-security, and business continuity.