Cybersecurity should not only concern large organizations; the size of a company does not matter in today’s cyberspace. No matter their size, companies are at risk of cyberattacks. Many SMBs are unaware that they are at risk of cyberattacks since they do not have the necessary resources to keep up with the latest information on cybersecurity software. This lack of knowledge can be detrimental to the survival of SMB’s. Unfortunately, 47% of SMB’s experienced a cyber attack in the last year, while 44% suffered multiple attacks

Recently, hackers have been leaking stolen databases from SMB’s for free on hacker forums. This is one of the fastest-growing cybercrimes. This week alone, the stolen databases of 18 websites from SMB’s were put up for sale. SMB’s will also struggle to repair their reputations because of data leaks. When customers lose faith in a new or small business, the financial impact is severe. This is especially true if hackers gather credit card or financial information. It may take SMB years to repair the damage and gain back customers’ trust.

Recent studies show that 40% of SMBs who experience data breaches go offline for at least 8 hours a day, another factor for data breach vulnerability. This can also result in major financial consequences for small businesses. The 2018 Cisco Study revealed that 54% of attacks cost businesses more than half a million. The average cost of cybersecurity breaches to SMBs in the U.S is $120K with recovery costs surpassing $149K. 

The extent of damage can be minimized by the cybersecurity readiness of an organization with the right tools in place. SMBs need to consider cybersecurity to be an integral part of their system design. The integration of proper security measures will aid enterprises with solid data security.

The bottom line is SMBs are just as vulnerable to attacks as large enterprises. Threatrix’s advice?

Fully train your employees on the latest cyber threats, review your cybersecurity solutions and update your security software.

Threatrix software allows for continuous vulnerability management to be conducted to remediate code-based vulnerabilities, allowing SMBs to stop threats at an early stage, possibly saving hundreds of thousands of dollars, and precious time spent on repairing your good name.