With the number of cyber-attacks on SMEs continuing to rise in 2022, and the threat of Russian cyber-attacks in February and March, small businesses can no longer afford to ignore proper cyber security.
Over the last several years, instances of cybercrime have risen by over 600%. Combined with the fact that approximately 43% of all cyber-attacks target SMEs, a situation has been created in which smaller businesses are becoming easier and more fruitful targets for cybercriminals.
We’ve discussed this topic previously on our blog, but with the recent guidance from the NCSC and the geopolitical situation, we thought it was important to revisit. If you own an SME or are responsible in some way for the security of one, it’s vital that you carefully consider your cyber security options and what you can do to improve your defences. Here’s why.
1. 43% of all cyber-attacks target SMEs
As we mentioned above, SMEs are increasingly becoming the target of cybercriminals around the world. As larger organisations spend more and more every year on cyber security strategies and systems, cybercriminals are looking for easier targets.
These criminals realise that cyber-attacks targeting SMEs are often more effective, quicker and easier to complete, and rely on the fact that SMEs simply haven’t caught up with the importance of effective cyber security.
Cyber-attacks against SMEs are also more effective. Whereas large organisations may be targeted by hundreds of even thousands of attacks a year before being affected, an SME only needs to be targeted by several to have potentially devastating effects on the business.
Don’t let your business fall into this trap. Make sure that you implement cyber security that protects your entire infrastructure.
2. 66% of SME business owners think cyber cybercriminals only target large organisations
As cyber security has evolved over the past decade, the perception of it amongst small business owners unfortunately hasn’t changed much. In fact, most owners believe that cybercriminals only target large organisations, but this couldn’t be further from the truth.
The data suggests that SMEs are becoming a more popular target and may even overtake larger organisations within the next few years. Unfortunately, this realisation is coming too late for many businesses, as thousands of SMEs are put out of business by cyber-attacks ever year.
3. Only 14% of SMEs are prepared for cyber-attacks
Cybercriminals target SMEs for one reason: they aren’t prepared to deal with cyber-attacks. With less than 15% of SMEs being prepared to deal them, it’s easy to see why they make such a lucrative target.
For most SMEs, the cost of instituting a cyber security strategy and associated system isn’t expensive, especially when compared to the cost suffering a data breach or other cyber-attack.
This lack of preparation is why governments are beginning to require businesses by law to secure their data and cyber assets, through regulations such as GDPR and CMMC.
4. More than 60% of businesses don’t have a cyber security strategy
When it comes to implementing a cyber security system, it’s not enough to simply buy some off-the-shelf products, install them, and call it a day. To truly protect your business, you need a coherent, effective, and future-proofed cyber security strategy.
Larger organisations will employ an expansive team of cyber security professionals to handle this for them, but SMEs can gain access to this level of expertise as well. By working with an MSSP, like Wizard Cyber, you can utilise the skills of cyber security experts without paying the inflated industry wages.
This expertise will allow you to create a cyber security strategy that works for your business and protects your infrastructure and data.
If you’re responsible for the cyber security of an SME and don’t have a plan in place, there’s no time to waste. Get in touch with us today, our cyber security experts will be happy to talk you through what we can offer as well as any questions you might have.
