Cyber Risks Faced by Small-Medium Enterprises
Cyber attacks are the new norm. Facing a cybersecurity incident can be challenging since it exposes a firm not only to financial but also reputational damage. While this is true for all businesses, it applies especially to Small and Medium Enterprises (SMEs). In fact, SMEs tend to be “easy” targets for cybercriminals as they lack the equipment and resources to deal with both the threat and the impact of a significant data breach. This could result in reputational and operational devastation from which many companies take a lot of time to recover while some never recover at all.
The main reason why SMEs are more vulnerable to cybersecurity risks is their lack of focus on these issues. In fact, many organizations rely on self-research for threat information. The Advisen’s 2019 Cybersecurity Report shows that the most common types of cyber losses that SMEs face are malicious data breaches, network and website disruptions and also phishing, spoofing and social engineering related attacks. The threat posed by cybersecurity incidents is not to be taken lightly. It is a matter of “when” not “if”. Especially for small and midsize businesses, the financial cost of a cyber attack can be staggering. According to Advisen’s 2019 Cybersecurity Report, SMEs experience data breaches more often than large companies costing them up to $1 Billion in revenue.
There are also consequences beyond financial losses since many SMEs are involved in business dealings with larger companies. Therefore, any cybersecurity incident can have far-reaching effects on partners and clients alike. Since SMEs need to tackle considerable challenges and risks as well as the serious repercussions in the case of a cyberattack, it is vital that they apply the right measures to secure their business against these threats.
At EXLConsulting, we have pulled together a cross functional cyber security task force to help our clients and prospects protect what is most valuable to them.
To find out more, please contact the Head of the above team, Mrs. Avrilia Terzi at email@example.com