Nearly half of all small businesses were targeted by cybercriminals last year.
SMEs face many of the same cyber threats that large organizations face, such as ransomware, identity theft, spyware, and more.
It is believed that global cyber damage costs could hit $6 trillion annually by 2021, according to a report by the Herjavec Group. While only large companies get the headlines for data breach and hacking incidents, there’s an undercurrent of attacks constantly targeting small-and-medium enterprises. For over 50,000 U.K SMEs, the cyber risks have risen to an extent that it could throw them out of business.
State of Cybersecurity of SMEs
SMEs, in general, have poor security readiness due to numerous factors which allows adversaries to penetrate their network and systems more easily. Moreover, less secured companies aren’t positioned to bear the consequences of an attack due to insufficient resources.
43 percent of cyberattacks are aimed at small businesses, but only 14 percent are prepared to defend themselves, as per Accenture's 2019 The Cost of Cybercrime report.
More than half of all small businesses suffered a breach last year, and four in ten have experienced multiple incidents of attacks, a Hiscox study reveals.
Problems and Challenges
The virtual range of cybersecurity measures to safeguard networks has also grown exponentially with the growing complexity of modern IT infrastructure.
Hackers exploit easy targets to send spam, inject spyware and ransomware, or distribute Remote Access Trojans (RAT) tailored to obtain credentials of e-banking accounts.
A hacked SME webs ..
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