New data shows that small and medium-sized businesses (SMBs) are at greater risk of a cybersecurity incident, statistically least prepared, and are being attacked at a greater rate. SMB cyberattacks are underreported; they are not making headlines for breaches like larger corporations are. Additionally, large corporations continue to invest in the latest practices like zero trust and layered security systems. SMBs used to be largely ignored as too small of targets, but criminals are opportunists, and more frequent small attacks are the current trend.
Cybercriminals are pivoting to SMBs as smaller but easier targets. SMBs account for 43% of cyber attacks, and studies show that the number is growing. Criminals are also turning to more targeted sophisticated attacks for SMBs previously reserved for large clients. Whale phishing, a term that used to be used to describe a highly researched and sophisticated attack targeting senior executives, has largely gone by the wayside. Criminals are now using the same tactics with the help of AI and publicly available information to target all levels of employees. SMBs typically lack the resources or do not prioritize cybersecurity like larger businesses.
When incidents do occur, many SMBs choose not to report them to law enforcement because they fear negative press or backlash from their customer base resulting in further loss of revenue. 60% of SMBs are forced out of business six months after a security breach, so their concern over the loss of revenue is valid. Unfortunately, this trend impedes the US Justice Department Cyber-Digital Task Force from doing its job and stopping further attacks.
Only 14% of SMBs rate their ability to handle a cybersecurity incident highly effective, and 47% of SMBs self-report that they do not understand how to protect themselves against an incident. Quanexus specializes in SMB cybersecurity and can adapt to individual business needs, including financial and healthcare businesses. Reach out today if you have questions about the services we provide to see if we would be a good fit for your business.
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