Did you know that over 60% of small to medium-sized businesses (SMBs) close their doors within six months of a major cyber attack? This startling statistic from the National Cyber Security Alliance should be a wake-up call for business owners everywhere.
You usually hear or read only about big companies like Colonial Pipeline and Marriott Hotels suffering from cyberattacks. But cybercriminals don’t only target big corporations! You only hear about the big names because that’s how the media works.
In this article, we’ll explore why cybersecurity is a must-have for modern businesses. Whether you're running a growing e-commerce store or managing an established local company, understanding and investing in security can mean the difference between thriving or becoming another statistic.
Let’s dive in!
The Evolving Threat Landscape
The rise of AI-powered tools and other smart technologies is cause for concern in the world of cybersecurity because it gives ill-intended actors more ammunition. Common threats like phishing and ransomware, which work based on social engineering, look more credible than ever before.
According to Verizon’s Data Breach Investigations Report (DBIR), phishing was responsible for over 36% of confirmed data breaches last year.
Because phishing preys on human error, clever attacks disguise themselves as emails from trusted sources, such as banks, suppliers, or superiors. They trick unprepared employees into clicking malicious links or revealing sensitive information like login credentials.
Ransomware is also on the rise. Sophos’ State of Ransomware report revealed that 66% of mid-sized organizations worldwide experienced ransomware attacks last year alone. The average recovery cost is around $1 million per attack, so you can see why most SMB owners can’t afford to get hit.
Why You Should Pay More Attention to Cybersecurity
We get it; proper cybersecurity is expensive. However, we are at a point where it’s more expensive to turn a blind eye. Plus, SMBs can outsource this task to reliable partners like Corsica Technologies.
Such a move gives you access to a wide range of specialists who know how to protect businesses like yours. They’ll also train your employees and teach them how to become an added layer of protection to your security instead of the weak link.
And, if you’re still not convinced that cybersecurity is a big deal, here are a few reasons to reconsider.
1. Maintain Business Continuity
Cyberattacks can halt operations for days (such as ransomware attacks), leaving you scrambling to recover.
According to a recent report, the average cost of downtime for small businesses is between $137 and $427 per minute. Can you afford to lose days of operations? Will your clients be patient enough to wait for you?
2. Build Customer Trust
Nowadays, hardly a day goes by without hearing about a new data breach or leak. Because of this, cases of stolen identities and financial fraud are on the rise, so customers expect you to protect their data.
If they don’t trust you to keep their sensitive information safe, they’ll take their business elsewhere.
3. Prevent Financial Losses
Recovering from attacks like ransomware or data theft costs time and money. Robust security measures prevent these disruptions before they escalate into costly problems.
Wrap Up
Cybersecurity isn’t an added expense to stretch your budget even thinner. It’s an investment for the safety of your business and its growth potential. A secure foundation allows you to innovate confidently and focus on long-term success.
