By Shibu Paul
The increasing number of reports of cyber crimes involving small businesses shows that criminals are shifting their focus. Now, banks, financial institutions, and large corporate houses are not their only target, but also easy prey, like small and medium businesses (SMBs) and the common man.
SMBs are important for every country since they make up more than 90% of commercial enterprises. After the pandemic, SMBs are facing increasing cyber threats as they are more connected today—not just with their customers and larger enterprises, but also with government organisations. Easy availability of low-cost cyber weapons has led to a surge in phishing attempts, malware, ransomware, attacks on improperly secured Wi-Fi and payment frauds.
AWARENESS NEEDED
According to research, over 50% of the SMBs surveyed—companies with 100-1,000 employees—
reported some kind of data breach or cyber attack over the past year.
Although SMBs are more aware about cyber threats now, a recent survey shows around 60% SMBs do not consider cyber attacks a huge risk for them and about 40% do not believe that strong security is a priority. The average cost of a cyber attack for an…
