Why Cybersecurity is Essential for SMBs in 2023 & Cybersecurity threats facing SMBs in London
As a small business owner, you are likely aware that cybersecurity protects your bottom line. The survival and growth of your business depend on strong cybersecurity. With more customers using online payments and sensitive data stored in company websites, it is essential that you understand how to protect your business from cyberattacks.
Why Cyber Security Matters & Benefits of cybersecurity for SMBs in London
An increasing number of organisations are being seriously impacted by cyber incidents: perhaps a phishing attempt to steal money and passwords, or a ransomware attack that encrypts files preventing access. But why?
Many cyber incidents are untargeted.
They can affect any organisation that doesn’t have basic levels of protection.
Organisations hold plenty of sensitive information.
For example, organisation records, customer payment information, personal details, and passwords. All this must be kept safe and confidential.
Cyber criminals want to make money.
They understand that an organisation’s information is often sufficiently important to that organisation and that they might be prepared to pay a ransom to get it back.
Who is behind cyber attacks?
Online criminals
Are really good at identifying what can be monetised, for example stealing and selling sensitive data, or holding systems and information to ransom.
Hackers
Individuals with varying degrees of expertise, often acting in an untargeted way – perhaps to test their own skills or cause disruption for the sake of it.
Malicious insiders
Use their access to an organisation’s data or networks to conduct malicious activity, such as stealing sensitive information to share with competitors.
Honest Mistakes
Sometimes staff, with the best intentions just make a mistake, for example by emailing something sensitive to the wrong email address
The Cost of Cybersecurity Breaches
When it comes to the cost of a cyber security breach, the numbers are staggering. According to Small Business Trends, the average cost of a data breach for small businesses was about £117,000 in 2019 – up from an average cost of £36,000 in 2018. The costs associated with these breaches can include lost revenue from downtime, legal fees or fines related to non-compliance with regulations, and employee wages associated with remediating the breach. Additionally, many companies experience reputational damage after suffering a breach which can impact future sales and customer loyalty.
The Benefits of Proactive Cybersecurity
Proactively investing in cybersecurity measures is essential for ensuring long-term success for your small business. These measures can provide your company with protection against hackers and reduce the risk of data breaches and other malicious activities.
Additionally, having robust security protocols in place can help keep customer confidence high as well as mitigate any potential liability issues should something go wrong in the future. Furthermore, by investing in cybersecurity measures now, you may be able to save money later on if something were to happen because you will already have taken steps towards protecting yourself from harm or loss caused by cyber criminals or other malicious criminals.
In conclusion, when it comes down to it, investing in cybersecurity is essential for any small business looking to survive and thrive. From preventing costly data breaches to minimizing liability issues should something go wrong in the future—cybersecurity is key for keeping your company’s reputation intact while also protecting its bottom line.
Investing now can help ensure that your business remains secure while also helping you save money down the road should something go awry due to a lack of preparedness or inadequate security protocols being put into place ahead of time. Taking proactive steps towards cybersecurity today can help ensure that your SMB will be around tomorrow!