Why Small- and Medium-Sized Businesses are Easier Targets for Cyberattacks
Cybersecurity is a major concern for businesses of all sizes, but small- and medium-sized businesses (SMBs) are particularly vulnerable to cyberattacks. In fact, according to a report by Verizon, 43% of cyberattacks target small businesses. Let’s explore some of the reasons why SMBs are easier targets for cyberattacks.
Limited Resources
Small and medium businesses may not have the same resources as large enterprises when it comes to cybersecurity. For example, they may not have a dedicated IT staff or the budget to hire cybersecurity experts. As a result, they may not be able to devote as much time or money to cybersecurity as larger organizations.
Additionally, smaller businesses may be more likely to rely on off-the-shelf software and hardware solutions, rather than customized ones. While these solutions may be more affordable, they may not offer the same level of security as more sophisticated, customized solutions.
Lack of Awareness
Small and medium businesses may not be fully aware of the cyber threats they face or how to protect against them. They may not have a cybersecurity policy in place, or if they do, it may not be comprehensive enough to address all the potential risks. Additionally, employees may not receive sufficient training on the best cybersecurity practices, leaving them vulnerable to social engineering attacks such as phishing.
To address these challenges, SMBs can educate themselves and their employees on cybersecurity risks and best practices. They can also work with cybersecurity professionals to help them develop a comprehensive cybersecurity policy and conduct cybersecurity training.
Inadequate Security Measures
Small and medium businesses may rely on simple security measures, such as weak passwords or outdated antivirus software, which can leave them vulnerable to attacks. They may not have the latest security tools or be able to keep up with the latest threats.
To address these challenges, SMBs can implement a range of security measures, such as two-factor authentication, intrusion detection and prevention systems, and regular vulnerability assessments. They can also invest in the latest security tools and technologies, such as endpoint protection, data loss prevention, and network segmentation.
Third-Party Risks
Small and medium businesses often work with third-party vendors and suppliers, which can introduce additional risks. For example, a cybercriminal could gain access to a small business’s network through a vulnerability in a third-party software application.
To address these challenges, SMBs can conduct due diligence on their third-party vendors and suppliers to ensure they have robust cybersecurity measures in place. They can also establish clear security requirements in their contracts with third-party vendors, and monitor their networks for any signs of third-party compromise.
Data Value
Small businesses often hold valuable data, such as customer and financial information, which can make them attractive targets for cybercriminals. This data can be sold on the dark web for a high price, making small businesses a profitable target for cybercriminals.
To address these challenges, SMEs can encrypt their sensitive data, limit access to that data, and regularly monitor their networks for any signs of data exfiltration. They can also invest in cybersecurity insurance to help mitigate the financial risks associated with a data breach.
If you’re a small or medium business, don’t worry–it’s not too late to strengthen your cybersecurity. Contact our cybersecurity experts at Perspective Omni Media for a free vulnerability assessment and schedule your cybersecurity training today!