“Not Us, We Are too Small” – Every Victim of Cybercrime

February 28, 2024

Every business owner must recognize the critical importance of robust cybersecurity measures in today’s digital landscape. The misconception that small businesses are too insignificant to attract cybercriminals is dangerously misleading. Regardless of size, your business remains a potential target for cyberattacks.

The 2019 State of Cybersecurity in Small and Medium-Sized Businesses (SMBs) survey by the Ponemon Institute sheds light on a worrying trend: cybercriminals are increasingly setting their sights on SMBs. The frequency of these attacks escalated from 60% in 2017 to 69% in 2019, illustrating a clear and present danger to smaller enterprises. The potential financial toll is staggering, with damages from a single cyberattack potentially reaching up to $1.2 million—a sum that could spell disaster for most SMBs.

Given these risks, it is imperative for business owners to take a proactive stance on cybersecurity. So, what steps can you take to safeguard your business against cyber threats?

Engaging with Managed IT Service Providers (MSPs) is an effective strategy. MSPs deliver comprehensive, proactive IT support designed to fortify your business’s digital defenses. Their expertise can significantly reduce your vulnerability to cyberattacks, providing peace of mind and enhancing your operational resilience.

Additionally, consider exploring Cyber Liability insurance. Consult with your local insurance agent to understand how this coverage can protect your business in the event of a cyber incident. Insurers often view collaboration with MSPs favorably, as it demonstrates a commitment to cybersecurity, potentially influencing your policy terms positively. This dual approach of partnering with MSPs and securing appropriate insurance coverage is a prudent strategy to mitigate the risks and financial impacts of cyber threats.

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