Small Businesses vs. Large Companies: Who Gets Hacked More, and Why?

63% of organizations surveyed reported they lost corporate and customer information in the last 12 months due to cyberattacks. It seems like hacking is a problem for every business, big and small. Who is at the biggest risk?

Small Businesses

While the news reports more big companies being hacked, it’s really the small businesses that are attacked more frequently. According to the Cybersecurity Magazine, 1 in 5 small to medium businesses is hacked each year.

This is a daunting reality– any small to medium business may be hacked this year.

Why are Small Businesses Targeted?

Small businesses are seen as an easy target. Hackers see small to medium businesses as more likely to lack security on their websites and data. They may be using outdated software without enough resources to stop hackers.

Lower Security

Small to medium businesses are at a higher risk of being hacked because they often do not have the resources to dedicate to cybersecurity. They’re more likely to use outdated software with vulnerabilities hackers can exploit.

How to change that: Hire an IT provider to up your security. Doing it yourself can leave holes in your coverage. Use things like two-factor authentication and password managers to keep your login information safe.

Less Training

Small to medium businesses may be at a higher risk because employees are not properly trained. This means that hackers can get into the business itself by tricking an employee into giving them information or logging into an account.

Hackers know that small businesses often don’t have sophisticated security, so they use more advanced strategies like social engineering to take over a business.

How to change that: Train yourself and your employees to recognize the signs of social engineering and keep their information safe. Some IT professionals offer office training.

Lack of Preparation

Many small and medium businesses aren’t prepared for the possibility of a hack. They’re hit harder because they don’t know how to deal with it. Preparation is another line of defense against cyberattacks.

How to change that: Set up regular data back-ups and schedule mandatory password changes. This will keep your information safe.

How Large Companies Are Different

While small and medium businesses are subject to a lot of cyber attacks, big companies aren’t immune. With larger organizations, hackers want to steal more data. Hackers may use the same strategies seen in small businesses but on a larger scale.

How to change that: big companies may have stricter security policies and bigger budgets for cybersecurity, but it still takes training employees on an individual level.

Treat your cyberattacks like any other incident–prepare with back-ups and incident response plans. Make sure your employees use two-factor authentication and secure devices.

What Can You Do?

You can make your business is as secure as it possibly can be. A cyberattack on a small business can cost a lot more than an attack on a large company. It can destroy not only the owner’s livelihood but also the lives of the employees. Larger companies can absorb cyberattacks more easily.

Every business is at risk of being hacked, regardless of size or industry. Small businesses are often seen as an easy target while large companies are targeted by hackers wanting more data. Preparing your small to medium business for a cyberattack can cost less than the impact of the attack.

Today is the day to update your security and make sure your business is safe. Contact Evans Consulting to learn more about keeping your business cyber-safe.

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