SMBs and their Cyber Insecurity
In 2018, cyber crime is the invisible threat that small businesses are most often not prepared for.
In 2018, cyber crime is the invisible threat that people and businesses are most often not prepared for. In fact, it’s probably the greatest danger to businesses in 2018, and it’s absolutely essential to prepare for potential attacks. We tend to hear about the major cyber breaches in the news, TalkTalk, Tesco Bank, and LinkedIn come to mind, 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 cyber attack is absolutely essential for SMB survival in 2018.
SMBs Targeted
SMBs must be particularly prudent about cyber security, as they are in fact more attractive targets to cyber attackers than large businesses, typically storing more data, less securely.
At OnDMARC we regularly see SMBs with a dangerous lack of cyber protection in place. When I speak with SMB customers on Intercom, predominantly they are unaware of the risks and they are astonished by what OnDMARC shows them. SMBs sign up to our Free Trial, often reluctantly, not quite sure why they may need our help, and they are 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.
The Threat to SMBs
Research conducted by the National Cyber Security Alliance found that almost 50% of SMBs have experienced a cyber attack, 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 organisations, firstly because they are often unaware of their vulnerability to attack, and 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.
It is 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 does not look much brighter, with 73% of CISOs anticipating a company security breach within the next year.
What can SMBs do? Where should they start?
Implementing DMARC is a crucial step toward securing your organisation.
These frightening SMB cyber security stats largely stem from a lack of awareness, a false sense of security, and an inadequate cyber security plan. Given that 91% of cyber attacks start with email, SMBs should start by by securing their email with DMARC. Read more here about how DMARC stops phishing attacks and email spoofing, and discover how OnDMARC can help you get to full DMARC protection quickly, with confidence.
Cyber attacks in 2018 are more common and more expensive than ever to recover from, so SMBs, listen up! Let OnDMARC help you get protected.
