Safeguarding Small Businesses: Navigating the Cyber Risk Landscape
Strengthening Your Defenses in an Evolving Threat Environment
In today’s digital landscape, small businesses face escalating cyber threats, with cybercriminals exploiting “as-a-service” models to target vulnerabilities. Amidst this perilous terrain, it’s crucial for small businesses to understand and address their cyber risks effectively.
Between 2021 and 2022 alone, attacks against small businesses surged by nearly 200%, underscoring the urgent need for robust cybersecurity measures. However, many small businesses grapple with limited resources and expertise, leaving them vulnerable to cyberattacks.
To counter these threats and transform cyber risk into a competitive advantage, small businesses must adopt a proactive approach to cybersecurity. By implementing a layered security program aligned with industry best practices, small businesses can fortify their defenses and safeguard their digital assets effectively.
Cybercrime is Rapidly Growing to Affect Businesses Around the Globe
15%
Global cybercrime costs growth rate year-over-year
$10.5 trillion
Expected total cost of cybercrime by 2025
$21.44 trillion
United States nominal GDP in 2021
The Most Common Threats to Small Businesses
Ransomware
Security Misconfigurations and Unpatched Systems
Credential Stuffing
Social Engineering
Small Businesses are Big Business for Cybercriminals
58%
Of cyberattack victims are small businesses
47%
Of small businesses suffered at least one cyberattack in the last year
$2.98 million
The average cost of a data breach for a small business
The Damage of a Cyber Incident Extends Far Beyond the Initial Impact
Reputational Harm
Stolen Intellectual Property
Lost Customers
Operational Downtime
Making Cybersecurity Your Competitive Advantage Delivers Benefits
Increase Trust
Protect Your Crown Jewels, Customers, and Employees
Win New Business
Comply with Regulations
Determining Your Cyber Risk
Questions to Help Determine Your Exposure
- What kind of sensitive data does your business handle, store, or transmit? (e.g., intellectual property, financial information, employee data)?
- What technologies do you use to operate (e.g., Office 365, QuickBooks, AWS Cloud)?
- What is your hourly cost per operational downtime?
- How effectively could your teams function if they couldn’t use technology?
- What would be the impact to your brand if you had a cyber incident?
- Do you fall under any compliance or regulatory frameworks? What is the impact to your business if they are violated?
- What about your customers?
- How would a cyber incident impact your employees? How about their families?
- What measures do you have in place to protect against cyber threats?
Contact us today to learn how we can help turn cyber from a risk into a competitive advantage
Give us a call at 864-335-9223 or reach out at our sales page