Why SMEs Are Just As Vulnerable To Cyberattacks As Large Businesses

It is not only big businesses that suffer the most cyberattacks, small & medium sized businesses are just as vulnerable. Cybersecurity in New York for SME’s is a hot topic in 2021 especially with the increasing number of security breaches.

Cybersecurity

What makes SMEs vulnerable to cyberattacks?

While many small and medium-sized businesses comprehend the cyberthreat and spend what is required to safeguard themselves, others stay behind. They don’t think it could occur to them, have other primacies or assume they’ve all the protection they require.

Nearly half of small and medium-sized enterprises plan to spend big on cybersecurity in 2021, but more worryingly, a quarter don’t know how much they’ll spend, or if they’ll spend at all.

Cybersecurity1

SMBsusually hold data on behalf of larger organizations, which cyber attackers take advantage of small and medium-sized businesses offer services as varied as M&A consultancy, health care, and debt collection, all of which entails they hold commercially sensitive data, which if come in the wrong hands, could form the foundation of a ransomware demand to their customers.

What cyberattack often results in?

Cyberattack results in significant financial impact for SMBs. However, it is likely the actual cost will be much higher if the full impact – loss of business, reputation damage and time taken to recuperate is considered. It can take weeks and often months to recover from a cyberattack.

How reputation damage leads to customer loss?

Cybersecurity is becoming a critical aspect in procurement related opportunities. Organizations are constantly asking contractors and subcontractors to give explanations on what measures they have in place to protect client data.

Appearance on the regulator’s blacklist and non-compliance could significantly reduce chances of winning procurement opportunities  .  are many measures businesses can undertake to ensure they are well protected. First of all, you need to set aside a budget for cyber defence and build it into your annual business plan. Conduct a periodic cybersecurity risk & threat management to ensure cybersecurity does not end up at the bottom of your in-tray.

Contact CompCiti now if you are looking for reliable cybersecurity services in New York.