28 Mar Small Business Cybersecurity: Those Most At Risk Are The Least Prepared
Perhaps, like me, you wrongly assumed that cybercriminals mostly target large corporations due to their vast stores of valuable data.
A mounting body of reports suggests smaller businesses are increasingly the target of cyberattacks like social engineering, where employees are manipulated into revealing data or allowing access.
A report from cloud security company Barracuda Networks shows that small businesses are not just targets but the most commonly targeted group for cybercriminals.
The assumption that small business flies under the radar couldn’t be further from the truth.
Companies with large revenues have the resources to bolster their defences.
According to a 2024 report from the WEF, 82% of medium-high revenue companies say they have the cybersecurity skills they need, just 49% of low-revenue businesses could agree.
In the same study, 75% of high-revenue companies had cyber insurance, just 25% of low-revenue businesses did.
This brings us to a concerning conclusion: those most at risk from cyberattacks, small businesses, are the least prepared.
Recognizing the problem as a small business is the first step toward rectifying it. Small businesses must realise they are a prime cybersecurity target and begin taking proactive steps to safeguard their operations.
As a data-driven company, we are covered by cyber insurance and continue to develop our cyber policies and practices. We would love to hear how your small business tackles cyber issues and share what has worked for us. For those unsure where to start, Verizon’s last data breach report from 2023 suggests three areas to focus on:
- Security Awareness and Training: Establish a security awareness program. Regular training sessions can significantly influence your workforce to adopt security-conscious behaviours.
- Data Recovery: Regular backups and testing of your recovery process can save your business in the event of a cyberattack.
- Review and Manage Access: Tightening your access control policies ensures that only authorized individuals access sensitive data. Regular reviews of access are essential to maintain a secure environment.