Cybercrime is real and it’s not stopping anytime soon. Cybercrime and the relationship between it and small to medium size businesses is a complex matchup that usually favors the former. Yes, cybercrime is a huge issue for small to medium size businesses that are trying to protect themselves from these dangers.
The Numbers
A study from 2018 on the topic of cybercrime against small to medium size businesses found out that the number of cyber breaches increased by 140% from the previous year. Those percentages are estimated to be a total of 3.3 billion compromised data records across the globe. In the United States, the most notable data breaches in 2018 were those that occurred at Adidas, FedEx, Macy’s, Under Armor, Jason’s Deli, Nordstrom’s and Facebook.
It is Very Easy to Target Small to Medium Size Businesses
Cybercrime has been targeting small to medium size businesses for quite some time. The misconception that cybercriminals only target big companies is a huge one and one that is far from the truth. More than 53% of SMBs in a total of 27 countries were targeted by cybercriminals. They are seen as the perfect target that is easier to breach, and easier to cover up.
According to Checksym Systems, the most common way cybercriminals target SMBs is through phishing attacks against employees, while other means of security breaching are advanced persistent threats, ransomware attacks, denial-of-service attacks, and more.
As time goes on, technology advances to untold levels. But as technology advances, it can be used for good and for bad. The good use it to develop cybersecurity software and strategies, while the bad use it to develop malware of all types.
Every time a beach occurs at an SMB, the chances of that business continuing successfully and not shut downfalls somewhere between 45% and 48%. The Cisco SMB Cybersecurity report in 2018 has shown that SMBs who experience cyberattacks sustain damages over $500,000.
How Can SMBs Protect Themselves Better?
One way for small to medium size businesses to protect themselves is to employ strong cybersecurity. The solution for preventing data breaches is there, available to all. This solution must be implemented by anyone who has a business, company, or organization that uses the internet. If your business has a website, then it is susceptible to cybercrime.
Cybersecurity protects you from cybercrime, and there are a couple of cybersecurity measures you can take to protect your business.
• Conduct Security Audits
The first thing you should do is learn how to protect your network and other security systems. You have to learn where you are most vulnerable and how to resolve those vulnerabilities. Cybersecurity is a type of insurance that serves a bigger purpose; one that will prove to be a huge investment.
• Backup
Your company must have a backup that can be used in the case of needing to restore your system to a previous version.
• Assess Your System Threats
Asses anyone who has access to your systems, this includes clients, employees, data logs, backups, emails, passwords, and anyone else that has access to your system. If you want to learn more about cybersecurity, check Techslang.