How Cyber Attacks Impact Small Businesses

A single cyber attack can be the end of a small business, yet too many small business owners continue to underestimate their risk and overestimate their readiness.

Articles published February 13, 2022

According to a survey conducted by CNBC and Momentive, most small business owners grossly underestimate their likelihood of being hacked while grossly overestimating their ability to respond to a cyber attack. This, despite the fact that most of those same business owners report having no cybersecurity or recovery plan in place.

That overconfidence stems from the false narrative that cybercriminals prefer large corporate or government targets. In fact, hackers are simply looking for vulnerable networks that can be easily infiltrated and, more often than not, those are found in small businesses.

As for the cost of even a single cyber attack, unfortunately, most small business owners underestimate that, as well.

Here are a few of the ways that a cyber attack can damage your business.

Data Breach

A data breach is one of the biggest dangers of a cyber attack. Confidential data from your clients is enormously valuable on the dark web and cybercriminals are constantly devising new schemes to steal that information. Phishing attacks are among the most common and effective strategies that hackers use to deceive employees into clicking on links that have viruses or divulging their network credentials. Ransomware is another major threat that encrypts your data until you pay a substantial fee, or ransom, often demanded in cryptocurrency.

Loss of Client Trust

Another impact of a cyber attack is the loss of trust with clients. Suffering a data breach can easily ruin your reputation and make it much more challenging for your customers to trust your business. A tarnished reputation can also impact future sales and make it more difficult to find new clients. Taking the necessary measures to limit cybersecurity incidents in the workplace is essential in avoiding such a dire scenario.

Business Closure

One breach is one too many for most small businesses. A single malware-infected email attachment can easily crash your entire network and bring your entire business to an abrupt halt. Recovering the data, regaining control of the network, and fortifying against future attacks takes time and money that most small businesses just do not have. It is estimated that 60% of small businesses fail within six months of a cyber attack.

Pay for Prevention

It’s almost always cheaper to prevent a cyber attack than it is to recover from one, particularly when you contract with a managed service provider like Aureon. Let us focus on your company’s cybersecurity needs while you concentrate on running your business. A managed IT service provider is always a wise investment for small business owners.

Is Your Business Vulnerable?

If you have any questions about the security of your IT infrastructure, Aureon can help provide the answers. Click the image below to request a free IT risk assessment. We’ll take a thorough look at your systems, uncover any vulnerabilities, and offer solutions to keep you, your customers, and your company protected.