Small and medium-sized businesses (SMBs or SMEs) across the globe are increasingly falling victim to cyber-attacks, leaving many companies struggling to protect themselves. With a sharp rise in malicious activity over the recent years, experts are warning that these attacks will increase in frequency and complexity.
Black hat hackers which mean criminal hackers are increasingly targeting smaller companies, as they may have weaker cyber-security protocols in place or lack the resources or expertise to respond appropriately. Cybercriminals can exploit these gaps and use them to their advantage, creating massive financial losses for SMBs.
Not Only Reputation Loss But Only Monetary Penalties
The cost of a successful cyber-attack can be devastating, not only in terms of lost data and reputational damage but also in terms of potential fines or monetary penalties. Companies that fail to protect their sensitive customer data may be subject to hefty fines imposed by government authorities. Fines are often accompanied by additional costs associated with the investigation process, such as legal fees and IT experts’ services. In some cases, these costs can exceed the original damage caused by the attack itself.
SMBs Need to Take Proactive Steps
Cybersecurity professionals are urging SMBs to take proactive steps towards better protecting themselves from online threats by investing in comprehensive cybersecurity solutions and protocols. These measures can help mitigate risk and provide greater peace of mind for managers who may not have expertise in this area. Keeping websites up-to-date, finding and fixing vulnerabilities, training staff members on good security practices, and working with experienced professionals can all help ensure essential data is kept safe from cybercriminals.
Cybersecurity Solutions for SMB Attract Startups
As the threats posed by cyber-attacks to SMBs become more well-known, many startups have entered the market offering specialized cybersecurity solutions for small and medium-sized businesses.
Aly, who is a business development manager at an Estonian-based startup called Security For Everyone, says “Our cyber security solutions are designed to be user-friendly and automated, allowing SMBs of all sizes to protect their website with ease – no specialist knowledge required. In a short matter of months, we have already reached thousands of users!”
Cyber Attackers use Automated Tools to attack
The most of the cyber-attacks that target small and medium-sized businesses rely on automated tools. This means that attackers can launch multiple attacks in a short period of time, making it difficult for companies to keep up with the volume of threats they are exposed to. As a result, many SMBs are left vulnerable to attack and may not even realize that they have been compromised.
As it stands, the frequency and complexity of cyber-attacks against small businesses are only going to increase in 2023. It is therefore essential for SMBs to invest in comprehensive cybersecurity solutions and protocols as soon as possible.