Cybercriminals are well aware that smaller companies may lack the funding for security personnel and software compared to a much larger company. Due to their perceived vulnerability, small businesses are a top target for hackers, especially those lacking even the most basic security precautions, like antivirus software.
Due to the fact that many small businesses collaborate with larger ones, cybercriminals are aware that gaining access to a small business’ network could potentially grant them access to a larger corporation’s network. A breach into a small business could be useful for people with evil intent because small enterprises, especially restaurants and franchises, keep a lot of bank account and credit card information.
The Risks Involved for Small Businesses
The great majority of cyberattacks are motivated by money. 86% of the 3,950 breaches that occurred last year had financial motivations, according to the 2020 Verizon Data Breach Investigations Report. Cyberattack threats for corporations include:
1. Reimbursing clients for stolen bank or credit card information
2. Losses resulting from a halt in business (i.e., shutting down operations while an investigation is underway)
3. Expenses associated with upgrading security software and systems or buying new equipment
4. Damage to reputation, including telling clients about the security violation and losing prospective new business
Different losses to the firm may occur. The U.S. Securities and Exchange Commission estimates that following a cyberattack, half of small businesses shut down within six months. Small businesses might not have the time or resources to deal with the consequences of the breach, including paying for customer losses, legal fees, or improved systems, and will therefore have to close.
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