Every business, regardless of size, is vulnerable to cyberattacks. With the rise in cybersecurity threats targeting small and medium-sized businesses (SMBs), it is crucial for organizations to build protective measures and mitigating controls to recover and emerge stronger from such incidents.
The impact of cyberattacks on businesses can be devastating. Just like the bankruptcy of Lehman Brothers triggered a significant decline in the Dow Jones Industrial Average in 2008, a cyber incident can have far-reaching consequences for SMBs. The increasing number of cybercrime attacks targeting SMBs worldwide highlights the need for proactive cybersecurity measures to safeguard sensitive data and mitigate risks.
According to recent statistics, there are over 400 million SMBs globally, with the majority generating less than $50,000 in annual revenue. In 2022 alone, cybercrime attacks impacted over 1,000 per million internet users, with ransomware emerging as the primary attack type. The average cost of a ransomware attack on a business is estimated to be over $1 million, making it a significant financial burden for SMBs.
While the likelihood of a catastrophic cyber event for SMBs is relatively low (less than 0.1%), the impact of such attacks on the approximately 400,000 SMBs that fall victim each year is severe. Many businesses are unable to recover from the financial and reputational damage caused by cyber incidents, leading to bankruptcy and closure.
To de-risk the occurrence of cyberattacks and minimize their impact, SMBs must invest in adequate cybersecurity measures. Building a robust cybersecurity framework involves implementing protective technologies to secure devices, back up data, and monitor web and email traffic for potential threats. By investing in essential security measures such as endpoint security, antivirus software, and email filtering, SMBs can enhance their resilience to cyber threats.
Despite the importance of cybersecurity, many SMBs fail to prioritize it adequately. Only two-thirds of SMBs invest in basic endpoint security solutions, and even fewer have comprehensive cybersecurity measures in place. The lack of awareness and understanding of cyber threats, coupled with competing business priorities, often leads SMBs to neglect cybersecurity preparedness.
Educating SMBs about cybersecurity risks and providing them with access to appropriate tools and resources is essential in mitigating cyber threats. Cyber experts and technology solution providers play a crucial role in raising awareness and promoting best practices for SMB cybersecurity. By collaborating with industry experts and leveraging innovative technologies, SMBs can enhance their cybersecurity posture and protect their business from potential threats.
At Avast, we are committed to helping SMBs mitigate cybersecurity risks and strengthen their resilience to cyber threats. Our comprehensive cybersecurity solutions are designed to safeguard businesses against sophisticated cyberattacks and ensure the protection of sensitive data. By signing up for a free trial of our cybersecurity services, SMBs can take proactive steps to secure their digital assets and minimize the impact of cyber incidents.
In conclusion, businesses need to prioritize cybersecurity and invest in adequate protective measures to recover and emerge stronger from cyberattacks. By building a strong cybersecurity framework, SMBs can mitigate risks, protect their assets, and enhance their readiness to respond to potential threats. Collaborating with cybersecurity experts and leveraging innovative technologies will enable SMBs to navigate the evolving threat landscape and safeguard their business against cyber risks.
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