For an average hacker, small enterprises can be the perfect target. Many small enterprises tend to have less sophistication in their company's cybersecurity or assume that they are too small even to attract hackers. These reasons pave the way for hackers to attack small enterprises efficiently. According to the 2020 Verizon Data Breach Investigations Report, almost a third of data breaches involved small enterprises.
Many small enterprises lack the security that many larger organizations have to protect their data. Small enterprises are more vulnerable because they often do not have the budget to take on higher security measures. On the other hand, some may not want to spend their budget on cybersecurity, assuming that hackers will have little to no interest in their data. When small enterprises overlook the value of their information, they give hackers a more significant advantage. Unfortunately for these small enterprises, hackers will attempt to take any personably identifiable information of customers. According to the Verizon report, phishing is the biggest threat for small organizations. The increasing number of small enterprises using cloud and web-based applications and tools allows them to become prime targets for hackers.
Many small enterprises involved in successful data breaches struggle to stay open. When small enterprises are not prepared enough to handle a cyberattack, they may shut down. Almost 60% of small enterprises close their doors within six months of the attack. Many of which are due to the lack of money and customer trust.
Security researchers have uncovered that Magecart, a group of malicious hackers, was able to infect over 570 e-commerce sites worldwide over the past three years. The group targetted small enterprises assuming that they were less well-defended. Along with that, the group was able to compromise about 700,000 customer cards and made millions. This example shows how essential cybersecurity is to small enterprises. Without it, they can face many consequences, such as lost revenue, compliance fines, and negative impacts on reputation.
With SecureCircle, small businesses will have a cost-effective solution to protect their data. As the impacts of data breaches are rising, small enterprises should take on higher security measures. SecureCircle's Data Access Security Broker (DASB) protects data at all times, including at rest, in transit, and in use. With DASB, your control will never be compromised while enabling access.