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In talking with small businesses or startups on Cybersecurity, the conversation often leads to the statement, “that’s nice, but we’re too small to be a target.”
What they don’t realize is that this statement isn’t necessarily true anymore.
Due to larger companies’ increased awareness and investment into their Cybersecurity, the cybercrime game has become a race to the bottom to find viable targets.
Cybercriminals are in business just like you are. Their trade may be more illicit than yours, but the same rules of business still apply. For the most part, cybercriminals have a set amount of time and resources and want to generate the most profit they can with those limited resources, just like yourself.
Meaning that while stealing from a large company might seem like a tremendous profit, after adjusting for the amount of time and resources it would take to get around their Cybersecurity, the payoff isn’t always all that worth it.
One way that cybercriminals have adapted their business models is by going after smaller businesses. They see these smaller businesses as less-secure, softer, and thus easier targets. While the payout for them may be smaller, they can offset this with scale.
These days, the reality is that if you have cash flow, customers, or even just a strong public presence, you could be a target.
The range is wide because not all Cybercriminals are out for a monetary profit. Some are activists who don’t like what your business does or said; some are only in it for the thrill, and others are only interested in exploiting your position in the supply chain to gain access to your clients.
While the profit to a Cybercriminal may be smaller, the impact on your business can still be significant, especially considering smaller businesses usually aren’t prepared to handle the fallout of a cyber incident. The consequences could include, among other things:
- Inability to operate or serve customers.
- Regulatory fines.
- Legal fees.
- Reputational damage or loss of trust.
- Damage to credit or withdrawal of investors.
- Loss of customers or business income.
These days there is no business too small to stay off the cybercriminals’ radar. That’s is why it’s critically important to develop your business’ Cybersecurity even though you may feel that your business may be too small. Don’t wait until you’ve already encountered the consequences of a cyber incident!
At Think Cyber Secure, we uncover the hidden gaps that cause cyber risk, and develop an action plan that will eliminate the stress and frustration resulting from cybersecurity.
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