Cyber attacks and data breaches are a huge concern for SMBs globally. Until 2015, the majority of cyber attacks targeted large global enterprises. However, the last 5 years has seen a massive upward trend targeting SMBs.
If that in itself weren't hard enough, the impacts of a cyber attack on an SMB are proven to be catastrophic. Apart from major disruption to systems and business operations, other consequences of a cyber attack include loss of reputation and customer trust (especially if customer data has been compromised) and the significant costs for fixing the problem. Many SMBs close down within 6 months of a major cyber attack – this is the severity of the issue.
The Ponemon State of Cybersecurity for SMBs Survey showed that that roughly 2/3 of the world’s SMBs are experiencing regular cyber attacks through a variety of different threat vectors. Some of these include viruses and malware, social engineering, phishing, hacking and DDos attacks.
There are a number of other reasons which have contributed to the surge of cyber attacks on SMBs.
Like most large global enterprises, smaller businesses are now on a digital transformation journey, employing new technologies hooked into cloud, social media, mobile and IOT. While digitisation opens a world of possibilities for new revenue streams and efficiency, it also expands the ‘attack surface’ from the traditional IT infrastructures and deployments. Hackers now have new targets to exploit.
A recent survey conducted by PwC found that 73% of SMBs do not have a dedicated cybersecurity team.
Cybercriminals do not discriminate. Data is data. Where there is low hanging fruit, hackers only need to exploit ONE vulnerability which could lead to large-scale cyber attacks.
Cyber security is as much about people and culture as it is about technology. The biggest vulnerabilities will always be human error and poor cultural awareness. Security training within SMBs tends to be IT-centric with little focus on instilling the right mindsets and behaviours to identify (for example) phishing attacks. 57% of global SMBs fell victim to Phishing attacks in 2020. These attacks are increasing not just in frequency, but in quality as well, becoming more difficult to identify before it's too late.
While there is no silver bullet solution for preventing cyber attacks, there are a number of ways SMBs can improve cyber preparedness and resilience:
Remember, cyber maturity is not a destination, it’s a journey. You will never be 100% cyber resilient. SMBs will need to adapt and adjust to the cyber threat landscape as it evolves. Cybersecurity is here with us forever.
The best time to start is now! Book a demo with our team at a time that suits you.