Why Small Businesses Are Cyberattack Targets

A stressed out man pinches his nose in frustration while leaning over a laptop.
| 10.03.22
Susan G.

Let’s face it, cyber security in small businesses might not be the highest priority. With everything you’re juggling as a small business owner, a cyber attack might feel like a monster underneath the bed situation. Simply put, it might feel like a made-up threat. Cybercriminals are all too happy to have you think this way. When it comes to small business information security, it is better to have a defense in place. 

Why Your Business Might Be A Cybersecurity Target

You have a small business budget. There’s no getting around budget concerns as a small business, and cybercriminals know it. While you’re making your dollars stretch to bring in new customers, you’re likely loathe to dedicate any dollars to cybersecurity. Take care, though. You’re throwing those marketing dollars away if you end up experiencing a data breach that impacts your customers. You can lose up to 58% of your customers that way!

You have no cybersecurity policy in place. Small business owners are short on time. It is less likely that you’ve taken the time to put a policy in place for yourself and your employees compared to larger companies. Cybercriminals are betting on it! It’s essential to train your employees on secure cyber behavior right from the start to maintain cyber security for small companies.

Your data storage is not secure. Cybercriminals know that small businesses store customer data less safely, like relying on emails. You may even use email to discuss your brilliant product plans, putting those at risk. Especially if you store sensitive customer information, you’ll need a better plan. We have an article with tips on how to prevent data loss that tells you what to include in a Data Loss Plan.

You don’t want negative attention. A cybercriminal is betting that you won’t involve law enforcement or report their crimes. Most small business owners would be tempted to take the loss and move on. This is true of website hijacking especially. Cybercriminals set the ransom low enough that you can manage it but high enough that they walk away with a windfall. It’s worth calling your local FBI office, though!

You might provide a back alley. Some cybercriminals don’t set their sights on your business, but on the large business you work with. By hacking your computer or email address, could cybercriminals break into your payment processor or website platform? Could you be that stepping stone? While it isn’t as likely, it has been known to happen. Make sure your computer and email are secure!
You don’t update your software. Your laptop probably alerts you to updates all the time. Who has the time for that? Being that it is a relatively passive task, you do. If a software company has resolved a vulnerability, you owe it to yourself to apply their fix!

You don’t have an IT department. Of course, you don’t! For micro businesses especially, the thought is absurd. The small business owner is the IT department, the marketing department, HR, and the sales department... However, you can still impede cybercriminals by having good cybersecurity habits and reliable tools to prevent an attack.

What we’re saying here is that cybercriminals view small businesses as easier targets. It doesn’t have to be that way! Small business cybersecurity is very “an ounce of prevention is worth a pound of cure.” Cyber insurance is a protective measure you might consider obtaining. Take a little time and ensure your business isn’t an easy target! If you’re still not convinced, consider this: 80% of ransomware victims are attacked a second time. Don’t let this be you!

When it comes to small business information security, it is better to have a defense in place.

About the Author

B2Z Insurance is a small business insurance company that provides coverage for on-the-go business owners: simple explanations, easy application, digital quotes, and mobile claims. A product that is easy-to-use and helps you assess the unique coverage needs of your business with confidence—freeing you up to grow your business.