Every day, it is common to hear one or another kind of cyber-attack on small businesses. As you have heard, data breaches are one of the common threats these days and can significantly impact any company, whether small or large.
Many small business owners think they are safe from these cyber threats. But they are not safe in reality.
In 2019, around 43% of cyberattacks targeted small businesses. There can be many reasons for these attacks. One of the common reasons is that small businesses believe they are less of a target. But, they don’t know that this thinking can make them fall into the target category anytime.
It makes cybersecurity an even more essential part of small businesses.
Small business risks
Do you know that large companies, like Amazon, Walmart, etc., spend millions of dollars on cybersecurity annually?
Most companies have dedicated employees and a management team that handles all services to combat threats. When they detect any threat, they identify and address it quickly. Thus it reduces risks.
When it comes to small businesses, they are at a much higher risk because cybercriminals can easily access their information.
Also, most small companies don’t have enough funds to track cybercriminals. Therefore, small business owners must learn the importance of cybersecurity to maintain their company’s long-term health.
Protect your customers.
When running a business, the loss of customer data can significantly impact the company’s relationship with customers.
As per the study, online customers take privacy very seriously. So, if they find anything wrong or a breach in customer data, it damages customers’ relationships and can also take you to legal matters.
Businesses that do sufficient activities to protect customer information may not face data breaches and can enjoy a long-term relationship with customers.
Small businesses are a target.
Small businesses tend to have weaker protection against cyber-attack than large companies. So, they are easy targets for cyber attackers.
Cyber attackers usually prefer to hack targets indirectly by attacking small businesses that work with the targets.
Therefore, it becomes crucial for small businesses to protect their business, customers, and partners with effective cybersecurity activities.
Another reason for including cybersecurity in your small business is to avoid phishing schemes.
Employees of small businesses need to be more well-trained and efficient in identifying phishing activities or schemes.
Do you know that most phishing attacks usually occur through email or other software programs?
They look official, but in reality, they are those attacks.
With cybersecurity, you can recognize or report the attack and save your business from mishaps.
As per one survey by the National Cyber Security Alliance (NCSA), the majority of small businesses, around 88%, believe they are a target for cyber attackers.
Check the survey summary here. NCSA Survey Summary – Small Business
Call to Action
It is advisable to hire a small business lawyer or use a cybersecurity legal plan to defend your small business against cyber attacks, increase your customer’s trust and fight a legal battle due to a case filed by one of your customers.