With the continuous innovation and advances technology has taken centre stage in our lives and businesses. But like most things, it comes with a number of risks. And a growing problem is the fact that the number of a cyber hack is increasing exponentially.
it is not the larger companies that are being targeted the most, but in fact, the SMEs are being hit the hardest. Reports show that 3 out of 4 SME have experienced some form of cyber-attack. And that number is predicted to grow much larger. This comes as a surprise to many, including business owners themselves. While some are aware of the risks, there is still a shocking 49% that are not concerned about the risks of a potential cyber hack.
At that is precisely what makes them a target. A lot of business thinking they are too small to be targeted by cyber-attacks are unprepared when such an attack does happen. Their security is a lot laxer than the security of a large company. They lack complex security measures to monitor, detect and respond to threats. On top of that staff is not trained to recognize and remove these threats.
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Aside from the lack of technological defences, there are more chances of human errors. In most small businesses the staff is not trained to recognize and remove these threats. This leads to higher chances of the network getting infected through for example the opening of an email containing a virus.
One of the other risk factors is the use of unprotected peripherals by a lot of businesses. This includes any devices connected to the IT infrastructure of the company, from printers, to tablets and phone to ePOS systems. To protect yourself make sure your cloud is secure, and that the security is regularly updated.
The consequences of such an attack can be truly devastating, resulting in huge losses for the company. For one money can get stolen, and the costs to rectify the problems can be incredibly high. On top of that a loss of data can result in losing essential information, leading to a loss of potential revenue. And customers finding out about such an attack can lead to a loss of reputation, chasing away both existing and potential customers and investors. A successful cyber-attack can be the difference between profit and bankruptcy.
Take a look at the infographic below to learn all about the impact of a Cyber Hack on an SME.