SMEs and the Importance of Cyber Security Investments

Contrary to what many Hollywood movies show, cybercrimes are not limited to million-dollar corporations. Based on the 50 percent increase of SME cyberattacks in 2017, small to medium enterprises (SMEs) are a target as well. Instead of household brands, hackers are now looking at small, local mom-and-pop businesses, 60 percent of which went bankrupt and closed down.

Businesses require many investments that see returns as the store progresses. But have you already invested in the cybersecurity measure you need? You may not have the same means as corporations that have the best in the market but having a reliable security system is enough to deter cybercrime and prevent huge losses.

Your Employees Are Trojan Horses

If it is not hackers breaking in, one common cyber threat is your employees who are unknowingly exposing your data. The internet is full of scams and viruses waiting to strike, and those who are not aware of these techniques can be vulnerable to attacks. You also face the risk of employees abusing their access to certain information. According to the Ponemon Institute, 22 percent of cyber attacks in 2016 were insider jobs.

Employers avoid these by training employees on safe browsing methods and how to spot hacking or phishing scams. When employees leave your company, deactivate their accounts immediately and revoke all their access to your server.

“Too Small to Target”

Analysts from Business News Daily found that SMEs are becoming a more lucrative target because of their false sense of safety. In one survey, 82 percent claimed they are not prime targets because they have nothing worth stealing. Thus, they are less mindful of their security systems.

It is this mindset that makes them prime targets. Instead of stealing from large corporations with tight security, hackers can access multiple SMEs with weak to no firewalls or other online security strategies. The lack of investment and complacent attitude of SMEs make it easier to access digital assets and private information that can compromise company operations and cause their shutdown.

Good Solutions Are an Investment

You get what you pay for, and the same applies to free security measures. While there are many free software programs available online, using them is not the same as installing a trusted network security software or hiring cybersecurity experts to reinforce your data. The analysts of pointed out that choosing to invest little or no money in your digital assets’ protection makes your company a ready target. Are you willing to risk your business and put its safety in the hands of a file you downloaded on the internet?

Instead of free software, invest in strong anti-virus and firewall measures to keep unwanted users and potential hackers out of your system. Going beyond protection, take steps to back up your data. Early this year, for instance, a hospital was forced to pay a ransom of over $50,000 to a hacker who stole the information of all their patients’ medical files.

Though much smaller than corporations, SMEs hold valuable pieces of information that may be susceptible to cybercrime. By educating employees and investing in stronger cybersecurity measures, these companies protect their assets from falling into the wrong hands.

BDeWees Consulting helps businesses grow and protect your business. Visit us today to learn more.