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Why small to medium-sized businesses need a cyber security wake-up call

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SMBs are most vulnerable to a cyber attack; How to secure your business

  • Nearly half of all cyber attacks are directed at small to mid-sized businesses.
  • Hackers know the cyber security industry isn’t usually geared towards SMBs, leaving them more vulnerable.
  • Hackers use SMBs as a gateway to infiltrate larger enterprises.
  • HackSweep is enterprise-level security at an SMB cost.

“Hackers aren’t interested in my small business—they don’t even know I exist!”

If you’re like the majority of small to medium-sized business (SMB) owners, you’ve likely chosen a false sense of security over actual security. Surveys show that 60% of SMBs think their company isn’t on the radar of cybercriminals, and 62% don’t have an up-to-date or active cyber security strategy.

2021 is the time to sound the alarm. The cybercrime numbers for this segment of the business market are staggering:

  • Small to medium-sized businesses that experienced a breach suffered average lost revenue of $1.1 Million.

  • 60% of SMBs that struggle with a cyber attack close their doors within 6 months.

  • Nearly half of all cyber attacks are directed at small to medium-sized businesses.

There are a number of reasons that SMBs are prime for the picking by hackers. Let’s begin by dissecting the denial we spoke of.

False Sense of Security 

Just like your typical neighborhood break-and-enter thief, hackers are far more likely to enter through an open window than one secured by a lock and alarm system. By failing to install a proper cyber security system, small to medium-sized businesses are the juiciest targets for hackers. 

“The cyber security industry is mostly geared towards large enterprise companies, not at SMBs”, says Ron Neve-Bar, founder and CEO of CyberGood Security. “Because of that, the proper messaging and awareness doesn’t reach the small to mid-sized businesses. This leads them to believe that they’re safe from hackers; they think a simple antivirus software is enough. This is a big mistake.”  

Your Valuable Data

Sensitive customer data stored by SMBs is an attractive and valuable  target for hackers. This can include personal, financial and medical records of your clients and employees, as well as data about suppliers and partners. 

Ransomware is a fast-growing problem for smaller companies, who are targeted by these cyber attacks at an ever-increasing pace. In fact, 71% of ransomware attacks hit small businesses, with 30% of them directed at Professional Services firms. 

Hackers use this method to encrypt a company’s valuable customer data or computer systems, then demand a ransom for unlocking it. Average demands can exceed $100,000.  

A Gateway Hack

Small to medium-sized businesses are also easy entry points for cybercriminals to access larger, more lucrative enterprises. The SMB’s computer and identity aid the hackers in two very important ways: 

i)  It’s the perfect hiding place while they’re working on their primary objective—after all, they now have your identity;

ii) They can steal any data the SMB uses to access the larger enterprise.

Not Remotely Secure

The Covid-19 pandemic has brought on a sudden and substantial switch to remote work. SMB employees’ home and mobile networks are easy targets for hackers.

In fact, the Canadian Centre for Cyber Security has warned of “recent and continuing exploitation of vulnerable network infrastructures in Canada,” taking advantage of “vulnerable, less secure implementations of remote access services.”

Enterprise-level Security for SMBs

Whether in the office or at home, small to medium-sized businesses do need to be alarmed about the threat of a cyber attack. Cue the cyber alarm service of CyberGood Security. “We’re really offering enterprise-level protection for an SMB cost,” says Neve-Bar. 

HackSweep’s best-in-class central alarm system monitors the business’ cyber entry points 24/7. Threats are detected in real-time, and—and here’s the key—are responded to instantly by their Security Operations Centre for containment. “It’s like the difference between having a monitored home alarm with backup responders, versus a cheap alarm that will make a lot of noise in your house but is not managed by anyone.”

Get in touch with CyberGood Security today, and make sure your business is in good hands for 2021 and beyond.

Contact Us:

(416) 800-4288