Cybercrime is the invisible threat that SMBs are most often not prepared for. We tend to hear about the major cyber breaches in the news, such as TalkTalk, Tesco Bank, and LinkedIn, but smaller attacks that target Small and Medium-Sized Businesses (SMBs) are growing in number and in frequency. Creating a strong plan of action in case of a cyberattack and implementing the cyber essentials is key for SMB survival in 2021.
SMBs are an attractive target for cybercriminals
SMBs must be particularly prudent about cybersecurity, as they are in fact one of the more attractive targets to cyberattackers than large businesses, typically storing more data, less securely.
At Red Sift, making the technology for cybersecurity available and accessible for all businesses is at the core of what we do. And we regularly see SMBs with a dangerous lack of cyber protection in place, particularly the key protocol DMARC.
When we speak with SMB customers, predominantly they are unaware of the risks. SMBs sign up for a free trial of our award-winning product OnDMARC, often not quite sure why they may need our help. Yet they're shocked when we expose them to the reality: that frequently their domains are being impersonated, their brand is being compromised, and their customers are being exposed to cyber threats.
What's the threat to SMBs?
Research conducted by the National Cyber Security Alliance found that almost 50% of SMBs have experienced a cyberattack, more than 70% of attacks target SMBs, and as much as 60% of hacked SMBs go out of business after six months. These statistics are alarming, and SMBs must be proactive.
SMB security is weaker than that of larger organizations, firstly because they are often unaware of their vulnerability to attack. Secondly, while they may have anti-virus solutions, VPNs, and malware detection technology, they in fact have no plan in place to manage a breach. Many don't have the basic protocols like DMARC in place either.
It's estimated that half of UK SMBs could be hacked in under one hour. These attacks come at an enormous financial loss, costing an SMB upwards of £1 million to deal with the breach and taking roughly 45 days to get back on their feet.
Hackers are stealthy, typically remaining hidden on a network for about 140 days. It is no wonder companies don’t see them coming. And without a strong plan of action, the future doesn't look much brighter, with 73% of CISOs anticipating a company security breach within the next year.
Where should SMBs start?
These frightening SMB cybersecurity stats largely stem from a lack of awareness, a false sense of security, and an inadequate cybersecurity plan. Given that 91% of cyberattacks start with email, SMBs should start by securing their email with DMARC.
To start protecting your organization today, why not try out a 14-day free trial of our award-winning product OnDMARC.