The Myth: Cybersecurity is only a concern for large companies

The myth exists because large companies often make headlines, giving the impression that they are the primary targets.

The Reality

Small and midsize businesses may assume they are too small to attract hackers, but the reality is that small targets pose significant opportunities for cybercriminals who often aim these company sizes due to their lack of robust cybersecurity systems. Low-hanging fruit attacks are easier for the bad actors to exploit.

Hackers aren’t just after big company secrets. They value personal information, financial data, and logins, which can be sold or exploited. Many cyberattacks are automated and scan the internet for vulnerabilities, regardless of the size of the organization or individual.

Statistics show that 43% of cyberattacks target large companies. 46% of cyber breaches impact businesses with fewer than 1000 employees. 60% of small businesses go out of business within 6 months of a cyberattack due to financial and reputational data.

A small business might be a stepping stone to larger businesses. Breaching a small company can give access to a larger organization.

The average cost of a data breach in a small business is $108,000.

Common Cybersecurity Threats

Phishing

90% of small businesses breaches involve phishing attacks.

Ransomware

20% of ransomware victims are small and midsize businesses.

Insider threats

Employees and contractors are responsible for about 30% of breaches.

Cybersecurity Preparedness

54% of small businesses think they are too small to be targeted.

83% of small businesses do not have a cybersecurity plan in place.

Common Cybersecurity Vulnerabilities

Lack of security measures

Outdated software and systems.

Weak or reused passwords.

No multi-factor authentication (MFA) enabled.

Human Error

Employees falling for phishing attempts or using unsecure networks.

Failure to identify and report unusual activity.

Limited IT Resources

Many small businesses don’t have an assigned budget for a dedicated IT or security team, tools and employee training.

Conclusion

Small to large businesses must adopt cybersecurity best practices. Start with basic measures like strong passwords, multi-factor authentication, regular updates and backups, and employee training to protect against threats.

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