Originally written by Partner Content on Small Business
Thinking that small and micro businesses will not become targets of cyber threats is one of the worst misconceptions in business IT. Just because a business is still struggling to scale or become profitable doesn’t mean it is safe from attacks. In fact, small businesses are the most popular targets of cybercriminals.
An Accenture study found that 43pc of cyber attacks are aimed at small businesses. Unfortunately, according to the same study, only 14pc of SMEs are prepared to address such attacks, which include data breaches, malware penetration, financial theft, identity theft, phishing, and denial of service. On average, these incidents cost businesses £65,000 to £115,000. This figure does not include additional damage including opportunity costs, adverse brand and reputation implications, and the negative impact on customer goodwill. What’s even more alarming is that 60pc of companies that have been attacked go out of business within six months according to a report by Inc. These realities only mean that it’s imperative to invest in competent cybersecurity defense.
Basic antivirus protection is not enough
Most businesses are not prepared for cyber threats usually because their owners or managers lack the competence to foresee and implement measures against