The cyber threats small and medium businesses can't ignore
Written by Adam Flynn from Technical Drive
Why small and medium businesses are prime targets for cyber criminals
According to recent UK government research, 81 per cent of cyber-attacks target SMBs, and 60 per cent of small businesses are sadly forced to shut down within six months of a serious attack.
Hackers have multiple ways to breach a business, including phishing, ransomware, or supply chain attacks.
They look to exploit organisations with weak security so even if you think your business is too small to be a target, it’s worth considering that cyber criminals would prefer to target multiple SMBs with weaker security, rather than one larger network.
The cost of poor cyber security
It’s estimated that a single breach can cost SMBs £8,000-£25,000, with the potential for the sums to be much larger once loss of business due to downtime or any reputational damage are taken into account.
Many large companies now require security audits before partnering with smaller businesses, including holding Cyber Essentials certification. Therefore, without robust cyber security, you could lose out on valuable business opportunities.
How to protect your business
The good news is that you don’t necessarily need a substantial budget to improve your cyber security. Here are five essential steps:
1 Train your employees: Phishing emails trick staff into revealing sensitive information. Regular training can prevent costly mistakes.
2 Multi-Factor Authentication (MFA): Which adds an extra layer of protection beyond just passwords.
3 Keep software updated: Outdated systems are a hacker’s friend. Regular patching is crucial.
4 Backup your data: Ransomware attacks can cripple businesses. Frequent, secure backups provide a safety net.
5 Cyber essentials certified: This government-backed certification demonstrates your commitment to cyber security and builds trust with clients.
The growing threat of cyber attacks:
Cyber criminals’ tactics are evolving.
Attacks like Distributed-Denial-of-Service (DDoS) and ransomware are becoming more common, affecting businesses of all sizes. Did you know that there are an estimated 1.29 DDoS attacks every two minutes worldwide? SMBs are often the weakest link in supply chains, making them attractive targets.
Take action now
Cyber security isn’t just about compliance, it’s about protection. Download our free eBook here for a deeper dive into securing your business.