Small and Mid-Sized companies are experiencing cyber-attacks at alarming rates. While may not be news to many business owners, the reasons behind these breaches might be. Let’s get into it 👇
One of the biggest faux pas and misconceptions that small and mid-sized businesses have regarding cybersecurity is that they’re “too small” to be breached. Some believe their money is better spent elsewhere, while others simply implement two-factor authentication and call it a day.
The truth, though, is that smaller-scale businesses are more susceptible to cyberattacks than their enterprise-level counterparts. Large companies have the budget and resources to implement robust security strategies— and cybercriminals know this. They also know that SMBs are an easier target because of their smaller budget and lack of investment.
You may think that an attack on an SMB is much less lucrative than a larger company— another common misconception. Due to the size and lack of resources, smaller businesses rely more heavily on external vendors or partners, creating a much larger ecosystem to breach (and each breach costs an SMB an average of $3 million).
There are countless statistics around this concept— 43% of all data breaches happen to SMBs, 60% of SMBs go out of business after experiencing an attack… you catch the drift).
Does the CEO actually know what the IT team does every day, or what the intricacies of their job entail? Probably not— just like the IT team doesn’t truly know what the CEO does. There’s no harm in admitting this knowledge gap, especially since cybersecurity efforts require the two roles to collaborate more than ever.
A 2021 study revealed that non-CEO professionals see their CEOs as more reactive than proactive and more likely to get involved in cyber and privacy matters only after a company has been breached. Similarly, about two-thirds (63%) of non-CEOs say their organization doesn’t get the kind of support they need from their CEO.
Luckily, the need for cybersecurity is becoming increasingly normalized. Now, CEOs are becoming actively involved in their organization’s security strategy. The CEO is the one person within an organization that has a full, top-down view of the company. It’s their responsibility to support the IT team in understanding the severity of a security incident and the implications of every employee’s decision (looking at you, email users on non-company devices).
When your IT Manager and CEO aren’t aligned, there are likely major gaps in security that can be exposed by threat actors. By aligning the two roles, companies have a stronger chance of crafting a holistic cyber security plan, understanding how to implement it, and what resources are needed for both a proactive and reactive response.
Feels kind of obvious, right? If you are a business that sells to other entities, both businesses and consumers alike, you are responsible for their data— legally and ethically.
When Williams Company Management Group (a small construction company) was breached recently, they lost a slew of sensitive data (like bank account statements, 401(k) information, social security numbers, and more). In this case, a disgruntled ex-employee wrongfully had access to confidential information.
Now, they’re paying for credit monitoring with $1m coverage for each impacted employee— and had to hire a forensic computer analyst, suffered reputation damage, and a loss of operational downtime.
While legal and financial repercussions are obvious, one of the biggest consequences of a breach is loss of customer trust and a tarnished reputation. If you’ve been breached, you not only risk reputational damage, but could drive customers to a competitor.
If they do, you’re not alone. Even those who understand the severity of cyber attacks on the SMB market often face other challenges, like finding the right cybersecurity solution. That’s why ContraForce is designed specifically for these SMBs. ContraForce is a simplified, affordable solution to support SMBs in all stages of their security journey.
Plus, we offer a totally free security assessment so you can identify potential risks, and see how your cyber resiliency stacks up against others in your industry.
You can get the assessment, for free, here.