Cyber Security Myths: ‘My business is too small to be a target’

Cyber-security has become all the more important as organisations of all sizes and sectors expand their reliance on technology and other digital services in their operations. Cyber-attacks can carry serious consequences, even for a small business,  including damaged data and systems, prolonged business disruptions, diminished customer loyalty, lost revenue and regulatory concerns.

Even so, there are a variety of myths circulating regarding cyber-security, many of which undermine the severity of possible threats and the importance for necessary defence strategies. If a small business assumes these myths to be true, they could leave themselves increasingly vulnerable to cyber-attacks and subsequent losses.

Our next blog series consists of five of the most common cyber-security myths, giving organisations the information to better understand their exposures and implement appropriate risk management measures.

Myth #1: Cyber-security measures are only necessary for large corporations.

Some organisations think small businesses are unlikely targets for cyber-attacks, as they often have less data and lower funds for cyber-criminals to exploit. As such, it has become a frequent misconception that effective cyber-security measures only makes sense for large corporations, particularly those that possess substantial capital and store sensitive information.

Although large organisations are susceptible to cyber-attacks and tend to make the news it doesn’t mean small businesses are immune to such incidents. In fact, some cyber-criminals consider small organisations more attractive targets than larger organisations because they often lack the resources necessary to invest in IT security or provide cyber security training. Ultimately, cyber criminals will target the most vulnerable companies, not just the most valuable.

According to a recent study conducted by international IT services and consulting company Accenture, 43% of all cyber-attacks target small businesses, and 66% of such organisations have experienced an attack within the past year. With this in mind, it’s clear that cyber-security measures are necessary for organisations of any size, but especially small businesses.

Cyber insurance is a great solution for smaller organisations because not only does it provide financial protection against the rise of cyber-attacks but also provides access to a whole range of technical and legal experts who are effectively on retainer to the policyholder through their purchasing of a cyber policy, which many small businesses might not otherwise be able to afford.

For further cyber-security and insurance advice, please get in touch with our expert team.