The internet has transformed into a modern-day silk road that supports almost all aspects of modern life. Growing penetration of the internet has made it possible for businesses of all sizes to reach all parts of the sector and access previously inaccessible areas, increasing productivity via the use of digital tools.
Any business strategy that involves using computers online, even if only for an email and a website, needs to include cybersecurity measures. The theft of data and digital information is now more common than other types of theft and is becoming one of the most commonly reported types of fraud.
Impact of Cyberattacks on Small and Medium-Sized Businesses
is emerging as one of the most serious economic and security challenges for businesses all around the world. It is not just a threat to big businesses, multinational corporations, and governments, but they are a major problem for small businesses too. According to a recent study, nearly 22% of small businesses have been the targets of cyberattacks. Also, around 46% of the security breaches were reported across small and midsize businesses in 2021.
A cyberattack can have a devastating impact on enterprises, especially on small businesses
. In fact, about 60 percent of small enterprises that are attacked and experience a breach shut their business within six months. Not just this, there are more detrimental repercussions that businesses can encounter, including the following:
Financial losses due to business disruption
Financial losses brought on by the theft of financial data
High costs to remove threats from the network
Reputational harm following disclosure of data breach to customers
Demand for Cybersecurity Making SMBs Hotspot for Investment
The need for effective cybersecurity measures increases in lockstep with the increasing number of organizations expanding their operations online. In addition, the rising incidence of security
breaches, data theft, and others in small and medium-sized businesses (SMBs) is mandating these enterprises to adopt security solutions such as data backup solutions, encryption software, and password-security software, making them the center point for investment.
Attributed to this, the prominent providers of cybersecurity solutions are focusing on coming up with advanced security software specially designed for SMBs.