As the cybersecurity landscape evolves, medium-sized businesses often underestimate their potential vulnerability. However, recent data reveals that these organizations are increasingly targeted by cybercriminals, contrary to the belief that they are too small to attract attention.
High-profile breaches involving companies such as Sony and Equifax dominate the headlines, yet the reality is that small and mid-sized businesses (SMBs) are under significant threat. The 2018 Data Breach Investigations Report by Verizon identifies that 58% of malware attack victims are SMBs, underscoring the susceptibility of these organizations to cyber threats.
Furthermore, the sophistication of attack vectors aimed at SMBs continues to rise, making the protection of these businesses increasingly challenging. Ransomware campaigns have specifically pivoted toward smaller firms, as attackers capitalize on the assumption that they will be quicker to pay ransoms in order to mitigate damage to both their operations and reputations.
Supporting this grim reality, Cisco’s 2018 Security Capabilities Benchmark Study reveals that 44% of cyber attacks impose financial damages exceeding $500,000 on affected organizations. This trend signals a worrying escalation in the costs associated with data breaches, prompting a necessary reevaluation of security protocols.
Despite these challenges, there are actionable steps that SMBs can take to bolster their cybersecurity posture. Fundamental measures include establishing reliable security hygiene processes, such as comprehensive cyber safety training for employees, implementing strong password policies, and enforcing unique user IDs. Limiting access to sensitive data for employees and third-party vendors is also a crucial practice that can drastically reduce the risk of data breaches.
Additionally, it is imperative that organizations maintain updated systems and applications across all platforms, including databases and servers. A robust anti-malware solution should be employed to safeguard the entire digital ecosystem. Finally, having an incident response plan in place allows businesses to react swiftly in the event of a compromise, minimizing potential damage.
For interested business leaders seeking expert insights, a forthcoming webinar offers an opportunity to hear from Wade P. Richmond, the founder and CEO of CISO ToGo. Scheduled for Wednesday, January 30, 2019, at 1:00 PM EST, this session will focus on strategies SMBs can implement to enhance their defenses against cyber attacks.
By participating in this webinar, attendees will gain valuable knowledge on how to effectively secure their organizations from emerging cyber threats. To register, simply follow the provided link and ensure your place at this informative session on January 30, 2019, at 1:00 PM EST.
