The Importance of Cybersecurity… Especially for Small Businesses

Written by Rachel Davis

January 3, 2023

As a small to medium size business owner, you know how important it is to protect your business from all sorts of threats. But have you given much thought to cybersecurity? If not, it’s time to start.
According to a recent report, small to medium size businesses are targeted by cybercriminals more often than larger organizations. In fact, 60% of cyber attacks target small businesses. And the consequences of a cyber attack can be severe: a single breach can cost a small business an average of $200,000.

But it’s not just the direct financial consequences of a cyber attack that you need to worry about. A breach can also damage your business’s reputation and result in a loss of trust from customers and partners. In addition, if your business experiences a breach, it may have difficulty obtaining financing or insurance, as lenders and insurers may view you as a higher risk. This could make it more difficult for your business to grow and succeed.


But there is good news: there are steps you can take to protect your business from cyber threats. Strong passwords, regularly updating software and security protocols, and providing employee education on cybersecurity are all important steps you can take. In fact, implementing these measures can reduce the risk of a cyber attack by up to 50%.

Don’t wait until it’s too late to take action on cybersecurity. Start implementing these measures today to reduce the risk of a cyber attack and help ensure the success and longevity of your business. Your future depends on it.

Sources:

https://www.inc.com/joe-galvin/60-percent-of-small-businesses-fold-within-6-months-of-a-cyber-attack-heres-how-to-protect-yourself.html

https://www.cnbc.com/2019/10/13/cyberattacks-cost-small-companies-200k-putting-many-out-of-business.html

https://reciprocity.com/blog/apply-cybersecurity-measures-to-reduce-risk/

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