Do SMBs Need Cybersecurity to Survive?
It only takes one cyberattack to put a company and its growth at risk. Cyberthreats are in constant evolution, and without solid protection, companies are exposed to cyberattacks that can have serious consequences on their investments and their customers.
The COVID-19 pandemic has proven that the world depends on computer networks, and companies are investing heavily in digital transformation. However, this network-centricity also benefits cybercriminals. The FBI claims that since March 2020, phishing attempts have increased by 400% and the number of ransomware attacks by 300%.
What are the risks for SMBs?
According to Benoît Gagnon, vice-president of information technology at the Commissionaires du Québec, SMBs are the first to fall victim to these attacks given their low level of protection, and 60% of them go bankrupt within six months.
In 2019, Hiscox Cyber Readiness Report put the average financial toll of a cyberattack on businesses of all sizes at a staggering $200,000 per company.
Unfortunately, the trend among small and medium-sized businesses is to minimize their costs in cybersecurity, especially in the manufacturing, wholesale, and business services sectors. But this trend does not reflect the reality that nearly half of the attacks in Canada are specifically aimed at small and medium-sized businesses.
You need protection that is designed for you. StreamScan’s managed detection and response service is one of the only offerings on the market focused on affordable, high-quality protection to small and medium-sized businesses.
9 steps can you take to limit risks
There are still a few simple steps you can take to limit the risk and impacts of cyberattacks on small and medium-sized businesses. But cybercriminals are very resourceful and can find ways around most forms of protection if they really try.
- Have a security policy that is understood by employees and implemented
- Educate managers, business partners, and employees about risks
- Regularly update and patch software and applications
- Deploy antivirus or endpoint protection technology (EDR)
- Supervise the security of your network via intrusion detection technology (IDS/IPS/NDR)
- Encrypt your most confidential data
- Create and use stronger passwords
- Secure the company's Wi-Fi
- Have a data backup plan
It’s Time to Step up Your Game
If you are an SMB and you are still “looking at options” for cybersecurity, it’s time to swing into action. Threats are skyrocketing, just look at the news, and if you don’t want to end up in the news or, even worse, struggling to survive due to a cyberattack, you need to take action. The nine steps above are a great place to start. And if you need help, call us.
Need Help? StreamScan is Here.
Whether you need help conducting a security audit, developing a security plan, or implementing a Managed Detection and Response solution, StreamScan has experts with years of experience in the manufacturing sector who can help. Get in touch with us at smbsecurity@streamscan.ai or call us at 1 877-208-9040.