You might think that data breaches only happen to the big guys: Fortune 500 companies, multi-national corporations, and household names.
The news agenda would corroborate this. It seems, every week, another big business appears in the headlines for a data breach: Capital One, EA, and British Airways, but to name a few.
This, unfortunately, doesn’t paint the whole picture. Sure, the big organisations might hit the headlines fortheir data breaches, but that doesn’t mean that small businesses aren’t being targeted too.
They very much are.
Accenture research indicates that 43% of cyber-attacks target small businesses. Moreover, only 14% of these businesses have adequate defences in place.
Other research indicates that 71% of SMBs have faced at least one cyber-attack, 66% of these attacks were in the last 12 months.
Why are SMBs a target for cybercrime?
SMBs tend to be a case of low risk and high reward for cybercriminals. Cybercriminals are counting on the fact that companies like yours won't have complex cyber defenses in place, making you low-hanging fruit - an easy target.
As well as this, cyber criminals realize that many SMBs do not have a dedicated IT function. While large companies migh have a full on Security Team, SMBs tend to lack in-house expertise. Plus, with employees working from home more now, criminals know that they have a better chance of success through tactics like phishing emails and business email compromise.
Lastly, we have to remember that cybercriminals are after sensitive data - personal information, credit card information, etc. Every business has this data, meaning every business is a target, regardless of its size.
What Is The Impact Of A Data Breach On A Small Business In Australia?
For SMBs the average cost of a Data Breach in Australia is $3.35 million per breach as per Upguard
Now, this is enough to put them out of business. Therefore, you should give your employees regular training, exploring what phishing emails look like, how to spot them, and what to do if an employee receives one.
Backup Your Data
In the event that your system is compromised, you need to ensure that you can still access your critical data. we recommend using a cloud backup solution, which will regularly and automatically back up data from your employees devices to another server.
If an emergency occurs and you lose access to your systems, you will at least have copies of your data ready to go.
Keep Hackers At Bay
Our expert team is on-hand to help your SMB enhance its cybersecurity posture. Our managed IT services are perfect for businesses that need external help and expertise to keep hackers at bay.
If you need help ensuring your cybersecurity is as effective as possible, contact us for a quick 10-15 minute, obligation-free chat. Let's talk about how we can help you improve your cybersecurity. Call 1300 991 030 or book a strategy session with Manny directly.
Book A Strategy Session With Manny