Why small businesses are a prime target for cybercrime

Many small business owners often associate cybercrime with large corporations. This is because cyber activity that impacts large enterprises gets the most publicity in mainstream media. However, it might surprise you to hear that nearly half of all cybercrime is targeted at small businesses. 

Think it won’t happen to you? Think again – a recent study by the National Security Alliance showed that 1 in 5 small businesses will be the target of cybercriminals every year. Here are some of the reasons why your small business needs to take cybersecurity seriously.

1. Small Businesses are a prime target for cyberattacks

Many small business owners are under the assumption that they aren’t a target for cybercriminals. This is exactly what makes them an easy target. They’re not prepared. 

Small business owners are generally under the impression that only large enterprises are the target of cybercrime. Reality is that regardless of the size, hackers will target a business if its security system is weak.

1. Even small businesses have information people want to get their hands on

Despite their size, small businesses still have information that is valuable to hackers. Customer and employee personal information is always valuable as they can be sold on the digital black market. 

From bank details to personal details – there is always a price that someone is willing to pay for it. It’s for this reason that small businesses need to take precautions to protect their data and that of their customers.

1. The Cloud

The cloud market for small businesses is growing exponentially year on year. Spending on cloud-based software is growing by leaps and bounds and shows no signs of slowing down. With this trend in mind, it’s imperative that small businesses also invest in cloud security. Many small business owners are guilty of eagerly moving their data to the cloud without taking the required security precautions.

1. Cyber Crime is a 24/7 global operation

Cybercrime can happen at any time of the day from any location in the world. In fact, it’s infinitely more likely that you’ll be attacked by a cybercriminal who isn’t located in the same country as you. 

The threat can come from anywhere and seeing as there are so many small businesses across the globe, hackers have plenty of potential targets. Seeing as large enterprises have more sophisticated security systems, small businesses are more enticing.

1. The cost of non-compliance

In the age of data sharing, consumers have become more conscious when it comes to whom they provide their data. With recent high-profile data breaches from the likes of Google and Facebook, there are now huge fines to organisations (both large and small) who don’t comply with data privacy regulations. A security breach can seriously expose your small business to hefty compliance fines, so it’s best to get your security in order or be prepared to pay the price.

Final Thoughts

The takeout here is that just because your business is small, doesn’t mean it’s not a target for cybercrime. Take the necessary precautions to protect you and your customer’s information.