It’s hard to go a week without learning about a new cyberattack. And while it is often the Fortune 500 companies that draw the most media attention (Marriott International, Morgan Stanley, T-Mobile, Target, and more), small and medium businesses (SMBs) are more frequently threatened and have much more to lose…such as their entire business. To avoid becoming a statistic, SMBs need to develop a security culture that reinforces the idea that cybersecurity is the responsibility of every team member.
Figures from IBM show those incidents are incredibly costly for small to medium-sized businesses (SMBs), defined as having less than 500 employees. The average cost per individual incident in 2023 was a whopping $3.3 million. Unfortunately, that level of expense usually means the end of the line for many. It’s likely no coincidence that small business owners believe they can resolve a cybersecurity attack. However, the National Cyber Security Alliance reports that 60% of small businesses that experience a cyberattack go out of business within six months.
Those frightening statistics make it very clear that cybersecurity is a…
