It’s an unfortunate fact that cybersecurity is rarely the foremost of concerns among small- to medium-sized businesses. However, investing in cybersecurity is becoming even more important as these organizations undergo digital transformation. It may seem like there are more important priorities on which a small business could focus, but putting your company and your customers at risk of a cyberattack can have huge consequences.

Your reputation may suffer as your customers deal with potential financial loss caused by a consumer data breach. The data your business needs to function may be wiped out, or even worse, you may find your company bank accounts empty. Furthermore, your business may have to face legal repercussions and fines if found in violation of consumer data laws.

Fortunately, it’s not as difficult as you may think for companies to set up security solutions for their business and customers as well as to build a cyber secure workplace culture. Although it’s impossible to achieve a full guarantee of security from cybercriminals, there are many options to keep sensitive information safe.

This article will take a look at some significant security breaches carried out on small- and medium-sized businesses, take a look back at the lessons we can learn from 2020, explore how to effectively implement security solutions when handling sensitive data and investigate how these solutions can strengthen a business as a whole.

Do cybercriminals bother with SME businesses?

Most of us have heard about the major corporate hacks that have occurred in the last few years. As a result, it’s easy to assume that cybercriminals only go after the biggest companies with the deepest pockets.

However, statistics show that this assumption is false. In fact, almost 60% of businesses that experienced a data breach in the last few years were considered small businesses. (Read more...)