There is no denying that small to mid-sized businesses are more vulnerable to cyber theft than larger businesses. They are an easy target for cybercriminals. These businesses often have no IT department, simple networks and are less likely to follow industry best practices to prevent their sensitive data from stolen. This is causing US-based companies to lose billions of dollars each year, which is why hiring top IT professionals to prevent cyber fraud is becoming inevitable. Unarguably, a data breach can be costly to companies looking to expand their business operations in other IT domains. In short, cyber fraud is a curse that is kicking many multinationals out of the competitive race, which is why companies need to come up with a sound theft prevention plan for achieving their intended business goals and ambitions.
Cyber Fraud in Small Businesses
Prevention of cyber-fraud is critical to a company’s long-term success. The biggest dilemma is that many small business owners fall prey to the idea that their company is too small to be a playground for cyber criminals and mistakenly believe that their business won’t be a target. Regardless of its size and scale, cyber attackers will exploit any opportunity at hand and steal sensitive information using sneaky tactics. They are smarter than you think and imagine, and their hacking knowledge encourages them to get into this “so-called” profession and make the most out of it.
The age of digital evolution has brought vulnerabilities, strains, and repercussions. Along with it, cyber fraud is becoming much more common in today’s corporate setting. Generally, we hear news about multinational corporations that have been affected by malware infections, viruses, and other advanced persistent attacks costing billions of dollars each year. But, what about small businesses? Small business owners feel reluctant to accept that cyber fraud can happen to them, and they, too, can be under the radar of malicious cyber-attacks.
According to a study conducted by one of the top IT firms in the US, 63% of cybercriminals target small businesses. Cybercriminals are generally known to be magicians who know the art of stealing by skimming through online channels and networks. Therefore, small businesses need to change their approach and prevent their sensitive information from leaking out of their company networks.
Why Are Small Businesses A Target for Cyber Criminals?
There are countless reasons why cyber attackers often target small businesses. You can’t necessarily cover them all, but you can try to protect your business as much as possible. Here are the top two reasons why small businesses are more vulnerable to cyber fraud.
No IT Department
Small businesses usually lack the resources to hire top IT professionals to secure their networks, devices, websites, servers, and online operations. This is why they are more likely to face potential threats from cyber criminals every single minute of the hour. The biggest misconception about hiring IT professionals is that ‘they are expensive.’ However, this is not the case. There are many IT professionals and start-up cybersecurity agencies that offer services at competitive rates.
If you are doing it yourself, you need to update your servers and install the latest security software to control the rising situation at hand.
Simple Network and Systems
Small businesses have simple networks and systems compared to larger businesses. A small business generally lacks the room full of servers and network devices. Even if they have on, they are often outdated and non-operational. New networks and systems now have advanced security and layers of encryption that prevent leakage of information. Cybercriminals find it hard to break into advanced networks and systems which allow businesses to identify the intrusion and gives them time to secure their data.
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