Once upon a time, in a bustling city far, far away, there was an accounting office aptly named Precision Numbers. Mark, a diligent and meticulous accountant, owned and operated the office, catering to a loyal clientele who trusted him and his team with their financial matters. Business ran smoothly, clients were happy, and a steady influx of referrals was securing future growth.
Mark never felt the need to give much thought to computer security.
Until … reality hit.
One frightful day, Mark came into the office and realized someone had encrypted all of the office’s computers. A ransomware attack had brought Precision Numbers’ operations to a grinding halt. Mark and his team scrambled to address the crisis, but their ability to serve clients was minimal without access to critical data for day-to-day operations.
Despite the recovery efforts of a local IT expert, Mark was forced to pay the hefty ransom demanded by the hackers, which put immense pressure on the business’s financial state.
Over the years, Precision Numbers built a solid reputation, with clients relying on Mark’s expertise and trustworthiness. However, panic set in when clients learned about the ransomware attack and the compromise of their information. They questioned the security measures in place and their continued association with Precision Numbers. Several clients severed ties and sought accounting services elsewhere. The loss of clients reduced revenue and eroded the firm’s reputation and stability.
All of a sudden, the business was in trouble…
In the vast realm of cybercrime, many business owners mistakenly believe that their smaller size or perceived insignificance makes them immune to hackers’ interest. They assume hackers are only after big fish, large corporations, or renowned institutions. But reality is far from it.
Cyberspace swarms with digital robots that tirelessly scour the internet, seeking out network vulnerabilities 24/7. These automated programs, known as bots, know no prejudice about their targets. They don’t discriminate based on the size of the businesses they invade. Their only purpose is to exploit weaknesses, gain access, and exploit any valuable information they can find.
These bots don’t care if you run a small accounting office, a busy car dealership, or a corner store; they’re designed to cast a wide net, and any business, regardless of size, becomes fair game.
Sure, the headlines may highlight major hacks like Target or Equifax, where hackers walk away with a massive payday, but behind the scenes, in the shadows of the digital landscape, small and medium-sized businesses (SMBs) face equal, if not greater, risks. Compared to large enterprises, their team generally does not include highly trained cybersecurity experts (s), and their budgets often need to account for cybersecurity that goes beyond your basic anti-virus.
From a hacker’s point of view, why spend months trying to penetrate the robust security of a large corporation when a small business has much weaker defenses? The return on investment can be equally lucrative when they add up the cumulative results from multiple successful attacks instead of one larger but much more complicated endeavor.
There are countless SMBs across the globe, each holding a wealth of valuable information. From customer data to financial records, these businesses are unwitting treasure troves for cybercriminals, as stolen data is a valuable commodity in the underground economy, where cybercriminals eagerly exchange it for profit.
Are you like Mark?
Here are some sobering numbers:
59% of small business owners with no cybersecurity measures in place believe their business is too small to be attacked, YET
87% of small businesses have customer data that could be compromised in an attack;
employees of small businesses experience 350% more social engineering attacks than those at larger enterprises;
so far in 2023, successful attacks of SBMs have resulted in costs between $826 and $653,587.
And an unfortunate but understandable reality: 55% of people in the U.S. are less likely to continue doing business with companies that have experienced a data breach.
60% of SMBs affected by a data breach end up permanently closing their doors.
For more information: https://www.strongdm.com/blog/small-business-cyber-security-statistics
Safeguarding your systems, protecting sensitive information, and staying ahead of evolving cyber threats are critical steps in ensuring the long-term viability of your business. If you’re like Mark and have never seriously taken action to protect your business from cyber threats or are not 100% sure that your current security posture is in optimal shape, contact us today. Meeting Tree Computer has over 20 years of experience helping Hudson Valley business owners protect their businesses from disaster. Together, we will discuss what measures to take that will dramatically reduce your risks.
