Cybersecurity risks don’t discriminate between small and large businesses, yet 51% of small businesses don’t have cybersecurity measures in place, according to a March 2022 survey from Digital.com. More than one third aren’t concerned about their virtual safety, claiming that their business is “too small” to be a target.
One in five online small businesses has been the victim of a cyberattack already this year, the survey found. But still, only 21% of those without security measures in place are actively developing cybers reinforcement. Nineteen percent of surveyed small businesses claimed implementing cybersecurity initiatives were too expensive. Should this trend continue, the potential threats could cost them much more than the price of better software.
The average cost of a malware attack for any given large company is over $2.5 million, according to cybersecurity testing platform company Cobalt. Albeit expensive, most large companies have the funds to fix the issue should it arise. Small businesses, on the other hand, don’t have the resources to cover an expense of that size, meaning that a cybersecurity attack could permanently shut down a small operation.
Unlike large businesses, who have the luxury of outsourcing experts or tech to handle delicate customer information and processes such as credit card transactions and billing information, small business owners are often juggling that themselves, consequently putting themselves at a much larger risk.
Taking preventative measures — for an owner’s business and their customers —doesn’t have to be a bank-breaking endeavor, according to Consorte. It can be as simple as making sure that a company’s firewall is set up correctly on their server, making sure that there’s antivirus software on their networks and on workers’ devices, as well as training a team on basic security like phishing emails.