Regardless of what business you’re in, you likely use technology on a daily if not hourly basis. From software to create flyers to advertise your ice-cream shop to field apps for tracking what’s being done at a customer’s house for the pest control company to customer relationship management (CRM) systems to track your interactions with customers at the retail business. As technology becomes increasingly integral to all business operations, cybersecurity threats are becoming more common. Small and medium-sized businesses are particularly vulnerable to these risks, as they may not have the same level of resources as larger corporations to invest in cybersecurity measures. According to Accenture 43% of all cyber attacks target small to medium sized businesses. That means the criminals are trying to get at your business – not because the money they can make is bigger than they’d get from a Fortune 500 company, but because it’s easier to get it.
To make matters worse, the 2022 Verizon Data Breach Investigations Report shows that 61% of SMBs were actually hit by cyber attacks – 6 out of 10 – those are not good odds. This doesn’t mean that every one of these suffered losses in the attack – some of them had sufficient protections in place to prevent losses but many didn’t. Does your business? This risk is far higher than the risk of a fire in your business, yet you wouldn’t dream of not having coverage for a fire. It’s just smart to have protections in place in place as the world we operate our businesses in change.