Over 40% of all cyber-attacks are directed at SMBs, with cyber criminals seeing them as easy targets, but unfortunately many do not survive the aftermath. One study reports 60% of SMBs that are hacked go out of business within six months.
Are SMBs seen as easy targets by cyber criminals?
SMBs are increasingly common targets for cyber-attacks, but often do not survive the breach with one study reporting 60% of SMBs that are hacked go out of business within six months. Most people assume that larger businesses are the preferred targets; however, over 40% of all cyber-attacks are directed at SMBs with cyber criminals seeing them as easy prey (cnbc.com 2020).
While all businesses take steps to protect themselves against threats such as theft or damage to property, the reality is that the greatest security risks are now online and cyber security is as important for an accountancy practice, recruitment consultancy or any other professional services provider. A report earlier this year revealed 23% of SMBs still have no cyber security and 32% rely on free tools (Bullguard SMB Survey 2020); however, the consequences of a breach should never be under-estimated. As well as financial and data losses, companies often face a loss of business and trust as a result a cyber-attack. A study of security breaches among SMBs showed that nearly half of the cases negatively impacted relationships with larger business partners and nearly a quarter were no longer a supplier as a result (Webroot ‘Size Does Matter’ 2019).
Poor security practices by employees is one of the main causes of attacks and breaches, but if staff are trained on cyber security awareness they are equipped with the right knowledge, tools and mindset to actively prevent cyber-attacks and can become an organisation’s first line of defence.
Just think about it - do you and your team know how to spot malware or prevent different types of social engineering attacks; would you recognise the latest threats and techniques used by cybercriminals; do you know how to secure your online accounts; would you know what to do if one of your devices became infected or you discovered a breach? If the answer to any of these questions is ‘no’, then you should seriously consider reviewing your cyber security training.
For more information about cyber security awareness programs and our bespoke training services, as well as advice on the best fit for your organisational needs please contact email@example.com
Cyber Business Growth is a specialist cyber consultancy practice consolidating the skills of trusted, accomplished and influential industry experts to help enterprises, vendors, channel partners and investment companies navigate the complex world of cyber security.
The philosophy of CBG is to impart our cyber experience, knowledge, operational know-how and access to the market to those that need it. Our range of services has evolved to ensure we can successfully provide comprehensive expertise in the ever-changing marketplace by understanding and solving complex business and security challenges through advisory, cyber, and business-focused consultancy services.
Our unparalleled experience with both emerging and established Cyber Security vendors across the globe and our access to cyber experts, provides a full 360-degree view around Cyber Security, alongside our specialist service capabilities.