Why Small and Medium Enterprises Must Prioritize Cybersecurity

Hackers are targeting small and medium enterprises (SMEs) more often these days. The numbers paint a grim picture: in 2023, hackers went after SMEs in 43% of all cyberattacks, and 60% of these companies went out of business within half a year of getting hacked. A recent hack on a big retail chain shows that even small businesses are at risk - the attack exposed 50 million customers' personal details. When SMEs get hacked, it hits them hard. They can lose an average of $3.86 million per breach and suffer long-lasting damage to their good name.

To stay safe from these threats, SMEs need to put these key cybersecurity practices into action:

Keep Software Current: Make sure to update all software and systems with the newest security fixes to reduce weak spots.

Use Strong, One-of-a-kind Passwords: Put in place complex passwords and switch them up often to stop unwanted access.

Two-Step Verification: Add another security level by asking for proof beyond just passwords.

Back-Up Data Often: Save copies of important data and keep them safe off-site or in the cloud to help recover if an attack happens.

Teach Employees: Show staff how to spot phishing tricks and other social tricks, as people making mistakes is a top reason for data breaches.

In conclusion, SMEs need to prioritize strengthening their cybersecurity defenses. Collaborating with a professional IT vendor can significantly enhance your security posture, given their expertise in navigating the complexities of modern cyber threats. By addressing potential vulnerabilities and implementing tailored solutions, you can better protect your business from the risk of a breach. Taking proactive steps now to secure your data not only safeguards your assets but also helps maintain the trust of your clients. Don’t wait for a security incident to highlight weaknesses—act now to bolster your defenses and ensure the ongoing protection of your business.