Don't care about getting hacked? Think again

If you think you're too small or too uninteresting to be a target for cybercriminals, oh boy do I have news for you. Check this out - Cybersecurity Ventures estimates that around half of all cyberattacks globally strike small businesses (read here).

Not just that you’re an interesting target - you’re probably an easy target. 

You don’t have a dedicated IT team.

You can’t afford to outsource a big cybersecurity company.

You don’t have the time or the patience to monitor your business for threats.

You’re a low-hanging fruit.

And if you think getting hacked is no big deal, since you’re so small and have nothing to lose, let me open your eyes to a few things real quick:

1. Loss of business

People don’t want to do business with hacked organizations. Almost two-thirds of firms who were hacked said their customers stopped trusting them (here’s the report). Without trust, there’s no loyalty, and without loyal customers, running a business is infinitely more difficult.

2. Regulatory fines

If you got hacked, you’re to blame for losing your customers’ sensitive data. And since governments are the most vigilant, diligent, benevolent protector of citizen data (ahem), they’ll jump at the occasion to defend their constituents (if, by “defending”, you mean simply fining you for what happened and using the money to fund something completely unrelated and idiotic).

So yeah, you’ll get fined. 

3. Class-action lawsuits

If the breach involves sensitive data like credit card information or health data, your customers might not just be upset - they might be suing. Cyberattacks that expose personal information can lead to class-action lawsuits, where lots of affected individuals come together to file a claim against your business. These lawsuits can drag on for years, racking up legal fees and causing massive damage to your business’s reputation. It’s like a snowball effect - small at first, but once it gets going, it can be unstoppable.

4. Loss of funds

This one hits where it hurts. A cyberattack could leave you without the funds you need to keep your business afloat. Whether it’s the cost of recovery, paying off fines, or compensating affected customers, the financial burden of a breach is enormous. 

5. Intellectual property theft

For small businesses, intellectual property (IP) (think unique product designs, proprietary software, or innovative processes) is often their most valuable asset. If a hacker gains access to this information, it can be stolen or sold to your competitors. 

6. Operational disruption

A ransomware attack can halt your business operations completely. It could lock you out of your own systems until you pay up, and if you don’t pay, the downtime can be devastating. It’s like a power outage that doesn’t just mess with your lights - it shuts down your whole business.

How to avoid all this

Well, lucky for you, I’ve written a few articles in the past that cover the basics of cybersecurity hygiene. Simple steps like using strong passwords, keeping your software updated, and training your team on how to spot phishing emails can make a huge difference in protecting your business.

Here is Why you should care about cybersecurity

Here is How to defend your premises

Here is How to be careful with downloads

… and finally - here is a great cybersecurity checklist to make sure all your bases are covered.

Until next time, stay safe!

• Sead from SmallBiz CyberWiz