Small Businesses, Big Cybersecurity Targets

Small businesses have become more than just cybersecurity target practice for bad actors lurking in the cloud. In fact, small businesses have become lucrative victims for hackers throughout the world.

Estimated read time: 3 minutes

Three arrows with a virus texture hitting a shield in the center of a target cybersecurity concept 3D illustration

Changing Perceptions

Because many business owners don’t see themselves as ransomware targets, the precautions they take fall short of the protection they need. This ultimately is costing precious time and money, particularly in their recovery efforts. Now is the time to take a fresh look at what a hacking victim looks like.

The headlines about cybersecurity breaches typically involve very large, profitable organizations like healthcare companies, hotel chains, financial institutions and the like. So much so that some industries consider themselves out of scope for cyberattacks. The reality is that all businesses and organizations are at risk. Manufacturers, utilities and other industrial companies, which are often thought of as a less likely target, saw a 50% increase in ransomware attacks last year, according to a recent article in the Wall Street Journal.

As the landscape for cyber incidents is rapidly changing, there is still a lot of information about cyber incidents not readily available. Regulation to report such events has not been able to keep up with the demand. The statistics that are available highlight the trend that small businesses are becoming even bigger targets. According to a recent Inc.com article, the average cost of an attack on a small business now ranges from $120,000 to $1.24 million per strike, with 60 percent of companies that are victimized by cyberattacks going out of business within six months.

These statistics certainly are jarring. However, there are preventative measures that businesses and organizations can put into place to thwart an attack and the damage that follows.

Plan, Practice and Partner

Knowing that small businesses have become big targets for cyberattacks, what can businesses do to help prevent the threat of attacks?

First and foremost, make room in the operational budget for network protection and maintenance. If your organization doesn’t have the internal resources or knowledge of the necessary preventative measures, consider working with a third-party provider such as Hamilton. Knowing the right measures to have in place, as well as the tasks that need to be completed regularly to ensure you are protected, can be quite daunting. Working with an expert provides you with the peace of mind that all of the necessary steps are being handled.

In addition to budgeting for cybersecurity as part of your business necessities, business owners should consider cybersecurity insurance as another layer of protection. While some industries highly recommend cybersecurity insurance, others are required to have it. For example, industries such as healthcare providers, banks, or financial firms must adhere to strict cybersecurity insurance requirements. Despite everyone’s best efforts to avoid a cyberattack, bad actors will work meticulously to find a way into any vulnerable network thus making cybersecurity an ongoing effort requiring a holistic approach. Working with a provider to have a plan in place for education and ongoing prevention will ensure your business has the best security posture now, and in the years to come.

Now is the time to prioritize cybersecurity in your organization. Hamilton can assist you even at the beginning of your process to help determine which solutions are a good fit for you and your business. Call 308.381.1000 to get started.