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Why Cybersecurity matters for Small Businesses (SMEs)

12 October 2022

Picture the scene; The office of a small but successful law firm is broken into. During the ensuing break-in, hundreds of documents relating to both employees’ and clients’ personal data are stolen and presumed available for sale, including compromising personal information and financial data.

During the investigation which follows, it becomes apparent that the law firm did not employ basic security controls when attempting to protect their physical premises. No security system, no CCTV, and no locked doors. As a result, the clients who once trusted this firm with their data begin a mass exodus, and the law firm find themselves in very rocky waters indeed.

This analogy, serves to illustrate a crucial point about the cybersecurity posture for SMEs (Small Medium Enterprises); Statistics show that small and medium-sized businesses are not free of the threat of cyber-attacks and can be equally affected by a cyber attack that can cause an operational or reputational damage

Cybercrime is becoming a growing and significant concern for small businesses.

Small businesses are prone to all kinds of cyberattacks, which include but are not limited to malware, ransomware, and data breaches having privacy, security, and operational risks. These kinds of attacks may result in stolen funds, compromised confidential business information, and unauthorized hacks into day-to-day business operations.

Cybercrime is growing as the use of the internet and business networks expand. Today, more than ever, businesses of all sizes rely on their networks, data, and internet connectivity to conduct business. Sensitive data, intellectual property, and personal information of small and medium-sized firms are targeted by an ever-increasing and sophisticated community of cybercriminals.

Small organizations, are just as much of a target in today’s cybersecurity landscape as the multinational enterprises who make the headlines (and still in many cases fail to do the basics right).

The Automation Factor

One of the factors which organisations need to be aware of is that they are likely to be the next target. Cybercrime is a rising business; Automated blanket attacks, ransomware-as-a-service offerings, widespread phishing campaigns, and other attack vectors have become part of a business offering that bypasses the ‘evil genius’ hacker extorting an organisation as an independent actor.

Cybercrime is growing as use of the internet and business networks expand. Today, more than ever, businesses of all sizes rely on their networks, data, and internet connectivity to conduct business. According to a McKinsey Global Institute report the internet’s economic impact has been greatest among “individual consumers and small, upstart entrepreneurs”. The internet allows even the smallest firms to have a global impact.

These kinds of attacks can target anyone, It was Forbes reported in March that small businesses are more frequent targets of cyberattacks than larger companies.

Only in the US 60% of SMEs were out of business six months following a cyberattack, so the investment in cybersecurity platforms is considered a cost of doing business, as attacks are now also addressed to small businesses which are more vulnerable given the complexity that lack of resources and lack of awareness.

Best practices, and how Obrela can help

As technology continues to evolve, the risk of cyberattacks becomes more extensive and complex, therefore it is crucial for small business owners to look into cybersecurity plans.

Business owners need to consider that the small scale of their operation is not enough to keep them off the radar of cybercriminals.

In today’s business, everything is interconnected and many small firms are handling sensitive data or having their personnel accessing it remotely therefore security becomes an absolute priority. Failure to deal with it appropriately could mean a significant impact on revenue due to service downtime, loss of brand equity and customer trust, professional indemnity, non-compliance issues, and at worst criminal proceedings.

Considering Securing your business working with a specialized service provider that can protect your digital assets and your business interests capabilities is now an option.

OBRELA provides sophisticated real-time risk management and brings actionable intelligence to your enterprise where and when it matters the most. Through our real-time protection capabilities, we detect, respond and prevent cyberattacks protecting our clients on a 24/7 basis against all the cyber attacks they are facing, regardless of where they are coming from and what area of their business they are aimed at.

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