Cybersecurity Threats for SMBs in 2019
An increasingly digital world has made it easier than ever to support small and mid-sized businesses. However, this technological convenience comes with a price. Cybersecurity threats not only put small to mid-sized businesses at risk of having information stolen or misused; they also run a significant risk of catastrophic data loss that can disrupt or destroy a business.
Below, we discuss the current threats, perceptions, and prevention measures small and mid-sized businesses (SMBs) experience with cybersecurity threats in 2019.
The Biggest Cybersecurity Threat to SMBs
While negative impact on reputation can be crippling for large businesses facing cybersecurity threats, for small to mid-sized companies, data loss is the scariest prospect. This is because 93% of companies that suffer a catastrophic data disaster go out of business within 2 years.
Data loss is about more than lost productivity. It also means the loss of contact or client information, files or programs, accounting records, inventory lists, and more. Because of the implications of data loss, it can be devastating to the business to experience data loss. This is why data loss protection, backup, and disaster recovery are so important regardless of business size.
In addition to a fear of data loss, small to mid-sized businesses also report a significant fear of losing customers—due to inefficiency, loss of trust, or inability to provide services—as well as a lesser fear of damaging the company’s reputation.
Preparing for a Cybersecurity Threat
Cybersecurity threats are becoming more and more advanced, making them increasingly difficult to prevent. Common cyberthreats include:
These cybersecurity threats combine with human error, lack of training, and outdated passwords for and insecure SMB digital environment.
52% of SMBs report feeling helpless to defend themselves against modern cybersecurity threats, with the majority feeling as though they do not have the adequate in-house skills to protect themselves.
While taking steps to prevent and SMB against modern cybersecurity threats in 2019 feels daunting for nearly half of SMBs, the reality is that there are many flexible and affordable cybersecurity services that can help to prevent these attacks and mitigate catastrophic business failure. These steps include:
- Backup & disaster recovery systems
- Security & risk mitigation
- Cyberthreat analysis
- Training personnel in best practices (changing passwords, avoiding phishing scams, etc.)
Learn more about how companies like Network Coverage can help provide affordable cybersecurity options to SMBs. Learn more.
The Real Cost of a Cyber Attack to SMBs
There are several figures about how much money recovering from a cybersecurity threat actually costs. There seems to be a general consensus that this final number is somewhere between $54,000 – $149,000.
However, the fiscal cost is only 35% of the impact. Additional costs include the time and effort in recovering from the cybersecurity disaster and data loss.
SMBs are Prioritizing Cyberthreat Prevention
In 2019, small to mid-sized businesses are prioritizing prevention and disaster recovery as a priority for their company. 89% of SMBs view cybersecurity as one of the top five priorities in their organization, with 79% planning to invest more in cybersecurity over the next 12 months.
Learn more about cybersecurity threats, prevention, and recovery by speaking to an SMB cybersecurity expert today.