The question is simple – what’s the “right” amount of money a small to mid-sized business (SMB) should invest in its cybersecurity infrastructure and policies?
The answer? Well, that’s not so straightforward.
When it comes to protecting both internal, enterprise data as well as those of customers, businesses competing in today’s digital-first world no longer have the luxury of crossing their IT fingers. Over 61 percent of SMBs experienced some form of a cyber attack in 2017. What’s more, 86 percent of businesses surveyed say they feel underprepared regarding their ability to shield and mitigate a cyber attack, yet have no set formal for improvement.
The disconnect here is troubling. Businesses know they need robust cybersecurity plans tailored to their size, scale and risk profile. They also know their future is at stake without them, with roughly two out of three SMBs forced to close their doors after a cyber attack.
It’s time for businesses to take back control. By investing in tailored cybersecurity technology, adopting suitable protocols and including cybersecurity as its own line in annual budgets, companies no longer play hacker hide-and-seek, hoping to go unnoticed by data thieves. Cybersecurity budgets instill peace of mind – plus generate real business benefits along the way. Let’s walk through how.
Understand the Cybersecurity Risk
There’s no way to sugarcoat it – cyber attacks are the norm today, not the exception.
Businesses in the 21st century must tighten their grip on internal, tech-driven operations if they wish to prepare for some of today’s largest cybersecurity risks. And those risks are numerous, with dozens of attack types that – on the surface – can make a business’ defenses look like they’re always playing catch-up.
Yet certain cyber attacks are more common than others. We break down the top five cyber threats facing SMBs today, as well as their associated costs or losses, all to lend SMBs a foothold to prep proper cybersecurity budgets.
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