How much does a small business invest in protecting itself from cyberattacks? In the large majority of cases, that answer is not very much, or none at all. This is understandable to a point after all smallest businesses do not have disposable capital, which they can throw around without seeing a solid return on their investment. With this being said, however, cybersecurity has now become one of the most important areas which a small business should focus on, and to understand why, industry expert and cybercrime specialist Bharat Bhise HNA talks about why this is an area which must be invested in.
The Cost of an Attack
Many business owners don’t want to invest in beefing up their cybersecurity because they believe that it is an additional cost they can do without. This, however, is a big risk because the cost of an attack, if it does happen, will be huge, with average estimates of an attack coming in at between $90, 000-$110, 000. Very few small businesses can afford to foot a bill such as that which is why a couple of thousand spent on cybersecurity makes so much sense.
It Can Happen
Another common misconception is that small business owners often think that an attack can’t or won’t happen to them. This is because of the school of thought, which people have suggested that hackers only aim for big companies who have more to offer. This, however, is wrong, and the truth is that many hackers target smaller businesses because they know that they may have old systems and a complete lack of cybersecurity. In essence, for these cybercriminals, hacking into a small business is like taking candy from a baby, easy to do, and even easier to get away with.
There have already been a large number of examples in recent years of small businesses being hit. “Every small business must make sure that it is not next in line for attack, “ Bharat Bhise advises.
Almost every restaurant, office, and store in the country has camera systems installed, alarms and locks on doors, and protected products with electronic tags. The reason they do this is, of course, to add security and prevent theft or crime from happening in the business. It is for this reason that it is so surprising when businesses don’t invest in their online security, especially given the wealth of personal details and information stored on the computer systems of just about every business.
The value on these systems will far outweigh the value of the products in the store, so why not ensure that this is protected as well? The difference with a cyberattack and a physical one is that a cyberattack is subtle, stealthy and nobody will know it has happened until it is all over. There is nothing to react to, which is why it is so vital to have solid levels of cybersecurity on all systems, to prevent these attacks from happening in the first place.
This is the reason Bharat Bhise says the best advice for small business owners is to not take the risk, and get computer security tightened up today.