Many small and medium-sized businesses (SMBs) are still unaware of the dangers of cyberattacks. Executives believe that because they are a small company, they won't get the attention of hackers and criminals. After all, they are interested in valuable data and in targeting multi-million dollar companies, who can pay a multi-million ransom, right? Yes. However, it is not just that.

According to the 2020 Data Breach Investigations Report, 28% of data breaches in 2020 involved small businesses. The report Underserved and Unprepared: The State of SMB Cyber ​​Security in 2019 showed that 80% of SMBs were worried that they will be the target of a cyber attack in the next six months. According to another report, Cost of a Data Breach Report 2021, 287 days is the average time needed to identify and contain data breaches. Small businesses do not often have that much time.

The lack of specialized resources, equipment, and software to combat cyberattacks is compounded by the lack of qualified staff to properly manage cybersecurity.

Why do small and medium businesses suffer from cyberattacks?

Until recently, there was a myth in the cybersecurity universe: only large companies suffer from the dangers of cyberattacks. In part, this is correct. Large companies are the primary target for hackers because they have more money and more valuable data.

Still, smaller companies are more susceptible to attacks and, therefore, become easy targets. Many cybercriminals shoot without aiming and end up hitting companies with weak protections. The result can be disastrous.

Especially after the pandemic, the need to invest in cybersecurity is becoming more evident. After all, just like large companies, small and medium companies had to deal with remote work. The Check Point report indicated that 76.5% have adopted the hybrid work style while 15% more support some kind of remote work. This means that the company lost control over the daily lives of its employees and expanded the number of endpoints.

What are the main security threats that SMBs face?

The main threats that small and medium-sized companies face are the same as those faced by large companies. According to the Check Point report the top four security threats SMBs experience include:

• Phishing Attacks (#1 threat at 90%)
• Malware (68%)
• Credential Theft (43%)
• Ransomware (38%) 

In addition to the attack itself, this type of problem has other consequences that can drag on for weeks or months. The company suffers from system downtime, financial losses, destabilization of employees, and damage to the brand. Moreover, cybercriminals may also gain access to:

• Bank information
• customer list
• Expansion plans
• Industrial processes
• Confidential product information

How can small and medium businesses defend themselves against cyberattacks?

In addition to investing in structure, technology, and human resources, good cybersecurity also depends on the company's culture and daily actions aimed at preventing attacks. Here are some recommendations for making your SMB more secure:

Train your employees

Education and organizational culture have never been more important in fighting cyberattacks, especially when it comes to top employees, as they are often the weakest link. Phishing attacks are growing every day and are one of the most common ways hackers get into company systems. More and more, a cybersecurity educational program, using online-learning tools, is a must-have.

Do a risk assessment

Being aware of the risks your company runs is essential to understanding the best actions to take. Through a qualified assessment, managers will be able to understand exactly what the weaknesses of their operations are, who has access to privileged data, and also where the most important information for the company is stored.

Invest in software and keep it up to date

After a careful look at the organization's risks, it becomes easier to identify which system can meet the cybersecurity needs of the business. There are many great options in today's market that offer complete protection, allowing for continual updates, at an affordable price.

CyVent proudly offers Haven by Corvid Cyberdefense. Haven™ is a managed protection, detection, and response solution made for businesses of all sizes, providing enterprise-class security protection, along with controls, management, and monitoring options.

As an answer to those challenges, Haven™ provides an adaptive, preventive security platform service solution featuring:

• Endpoint Security
• Email Security
• Network Security
• Vulnerability Scanning
• Employee Awareness Training
• 24/7/365 Security Operations Center for Detection and Response

Is Cyber Security Protection Expensive?

Cybersecurity protection can be costly, especially when it comes to multiple endpoints. Those expenses include employee training, specialized contractors, specialized software, and regular updates.

The good news is that effective cybersecurity is not just for large businesses. Haven offers a powerful product for small and medium-sized businesses. Delivered as an affordable, monthly service, with consulting from CyVent allows for complete protection and support in all of your cybersecurity needs. Having peace of mind when it comes to cybersecurity should be for all businesses.

See more and schedule some time to speak with one of our experts: https://www.cyvent.com/products