Techfive

Cybersecurity is confusing - especially if you are a small business CEO or CFO with limited technical experience. When I get asked, "Is my business at risk?" - here's how I explain it: 1. All businesses, regardless of size face significant cyber-risk 2. Cybersecurity threats are growing, not shrinking 3. Modern tech is making it easier than ever for attackers to be successful 4. Risk mitigation is the name of the game and achievable for small-mid size businesses with limited budgets Breaking it down further: (1) All businesses, regardless of size face cyber-risk There is a common misconception amongst small-business owners that they are "too small" to be targeted. This simply isn't true. Small businesses present easy opportunities for attackers. The attackers know that they will often have weaker defenses, less stringent policies, and often completely ignore their cybersecurity. The data that small businesses possess is still very valuable to cybercriminals, things like customer personal information, payments details, employee records, health records, etc. Weak defenses + valuable data = an easy payday (2) Cybersecurity threats are growing, not shrinking The technology landscape is rapidly advancing, the rise of AI alone has huge implications in cybersecurity. The key point to recognize here is that as technology advances, the skills required to successfully commit a cyber attack become less needed. This is enabling non-technical cybercriminals to successfully breach and extort organizations, making the environment more fraught with attackers. (3) Modern tech is making it easier than ever for attackers The rise of services like Ransomware-as-a-Service alongside advancements in artificial intelligence means that cyber-attacks are expected to continue to rise in the coming years. And the sophistication of these attacks are likely to increase as well. (4) Risk mitigation is the name of the game and achievable To protect themselves, small businesses need to treat cybersecurity as an operational expense moving forward and partner with the right organizations to better mitigate their risk environment. Completely securing any organization is impossible. But greatly mitigating risk is not and absolutely should be invested in. For the full breakdown, take the 10 minutes and read through the attached report. It details why SMBs are targeted, the current threat landscape and how small businesses can effectively protect themselves.