Why Small Businesses Face Greater Cybersecurity Risks

Although large companies may have more assets and data, small and medium-sized business owners should not believe themselves above the notice of cybercriminals. In fact, small businesses are more frequent targets of cybercriminals compared with their larger counterparts.  

With fewer resources available to prevent attacks, small businesses have a greater chance of suffering irreparable harm to their infrastructure or reputation.  

Why Small Businesses Are Such Attractive Targets for Cybercriminals  

Small businesses lack the vast resources, droves of data, and funds that cybercriminals love. So, why do cybercriminals attack these businesses? The answers are not all that surprising, but business owners should still understand why the target is on their backs.  

Small Companies Lack Protection 

The security at a large business will be highly sophisticated and much more difficult to penetrate compared with a small business. On one hand, larger companies will have top-of-the-line security, dedicated IT, physical security, and resources to go after cybercriminals if a security breach occurs.  

On the other hand, small to medium-sized businesses might set up a somewhat effective security system, but they have few resources to consistently update their systems or retaliate against cybercriminals.  

Fewer People to Notice Cybersecurity Mishaps 

Fully-fledged IT systems with trained workers can often spot an attempt to breach their security or recognize the signs that such a breach has already occurred. 

Small businesses are often staffed by a few individuals, many of them tasked with performing multiple duties. That being the case, how long will it take for someone to check the systems and realize there is a breach?  

Skilled cybercriminals can steal data or attack infrastructure and leave few traces of their activities when they are given such a large timeframe. 

Small Business’s Data Is Still Incredibly Valuable  

Lastly, the data that a small business has is no less valuable than the data from a large business. Patient Health Information, credit card numbers, and raw data from customers are all useful to criminals.  

No matter the size of a company, cybercriminals can find something to steal or damage.  

Greater Impact Means Fewer Resources to Recover from An Attack 

Sadly, small businesses are limited in their finances and infrastructure. That means when they suffer from a cybersecurity breach, it can have devastating impacts. Whether the business loses its access to servers or has customer information stolen and leaked, the damage affects the company’s bottom line. 

If a small business has its reputation damaged or is subjected to fines from the cybercriminal’s actions, then it may have to shut down.   

Managed Security Services Are a Worthy Investment 

Although small and medium-sized businesses do not have the full-time, on-staff IT assets of a large company, they can seek the same quality help in the form of managed security services. Not to mention, it’s ultimately cheaper to proactively secure your business than to recover from an attack that went undetected. Did you know that every minute, $2.9 million is lost to cybercrime?

Managed Service Providers (MSPs) offer professional-grade security consultations and solutions for businesses of any size. Everything from dark web monitoring, virus protection, and endpoint security can be established by MSPs working with small businesses.   

Although it may seem daunting to operate a small business in the Information Age, the aid of an MSP’s managed security services can allow business owners to feel at ease. Their security solutions are just as tough as larger businesses, and that alone will turn away most cyber threats.  

A good Managed Service Provider will work with your budget and help ensure your business’s success in the long run. Check out our Managed Services Checklist to learn more about everything a good MSP can do and how to hire the right one.

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