Out of all the data breaches that occur each year, a whopping 43% are usually directed toward small and medium-sized businesses (SMBs). Recent studies also suggest that cybercriminals are more attracted to small businesses.
According to this 2019 4iQ identity breach report, SMBs experienced a more than 420% increase in the authentic and fresh breaches in 2018. To add a bunch of salt to already open reputation and security wounds, most of these businesses don’t recover after a breach.
If at all they recover, it takes too long to get back to business. The reason? Lack of strong financial muscles to bail them out of the effects of a data breach as was found out in this InsuranceBee’s Cyber Survey, which noted that 83% of small businesses are weak financially and can’t recoup the losses due to a data breach.
Why are small businesses targeted in online attacks?
Read on, as we take you through, the very reasons why cybercriminals’ major targets are small businesses. This is not to scare you anyway as we’re also going to walk you through the best ways of locking cyber attackers out of your business.
Reasons small businesses are targeted in data breaches
Because of this, they tend to invest more in promoting the business and building it at the expense of the business’ online security. Well, the thieves are aware of this.
They, therefore, use automated tools that help find vulnerable company websites and databases then launch attacks on them.
Fewer resources; apparently, when starting online businesses, entrepreneurs tend to spend a lot on getting the businesses up. From hiring web developers to buying domains, hosting, bringing in employees and finalizing the paperwork, etc., it usually consumes a lot that the companies fall short when it comes to installing the necessary security