4 Reasons Why Cybersecurity Matters for SMBs

4 Reasons Why Cybersecurity Matters for SMBs

Do you think only large corporations are at risk of cyberattacks? If so, think again.

If you do a Google search for terms like “cybersecurity” or “data breach,” chances are you’ll come across hundreds, if not thousands, of stories of how small- and medium-sized businesses (SMBs) were just as vulnerable to cyberattacks as large businesses.

No business is impervious to hackers or threats, which is why, as an SMB owner, it’s important to understand how cybersecurity can protect your data—or else, you could be setting your business up for a potential catastrophe.

What’s the importance of cybersecurity? Here are four reasons why cybersecurity is vital for SMBs.

1. Smaller Businesses Are Prone to Cyberattacks

Many people think that SMBs are not targeted by hackers because of their size, but it’s actually the opposite. In reality, a lot more small businesses face cyberattacks than the big ones. It just doesn’t make it to the news, so you don’t hear about it as often.

Many SMBs don’t have the resources to dedicate to cybersecurity, and hackers know this. As a result, they often become the prime targets for cyber threats. According to a 2019 cybersecurity survey conducted by the Canadian Internet Registration Authority (CIRA), 71% of Canadian companies reported that they experienced at least one cyberattack.

2. Phishing Is a Top Security Threat

Phishing is the term used when a scammer acts like a legitimate company or individual and tries to get sensitive data from your business.

Did you know that 92% of malware is delivered by email, and over half of IT decision-makers cite “phishing” attacks as their top security threat? XBASE’s Cybersecurity services in Toronto can help businesses protect their data from getting into the wrong hands.

3. Cyberattacks Can Hurt Your Business’s Reputation

For most SMBs, reputation is everything. Think about it from a consumer’s perspective: would you go back to a business that suffered a major data breach and, as a result, you had your personal data stolen or compromised? It’s likely that you’ll think twice before doing any business with that company again.

When customers buy products and services from SMBs, they want peace-of-mind knowing that the company is able to protect their personal information and other related data. Putting effective cybersecurity measures in place could provide reassurance to your customers that their personal data is safe, and it could help you retain more loyal customers.

4. Breaches Are a Financial Burden

According to the Canadian Centre for Cyber Security, ransomware attacks have become regular occurrences over the past two years. These attacks have had a major impact on businesses financially by tarnishing their reputation, lowering productivity, and damaging infrastructure and operations. Nowadays, the average cost for a ransomware attack on a Canadian business is over $6 million. When a business suffers a data breach, they are often faced with legal repercussions and steep recovery expenses.

Investing in cybersecurity services in Toronto acts as an insurance policy and could save SMBs from massive financial losses in the long run. As the saying goes, “Prevention is better than the cure.”

Take Control of Your Business with XBASE Technologies

Gone are the days where a company could rely on antivirus software and a firewall. Hackers and scammers have evolved, and cybercrime is now a big business.

XBASE Technologies believes that the best defence against cyberattacks and phishing scams is prevention. As a premier provider of cybersecurity services in Toronto, we deliver strategic solutions and enterprise-level support to SMBs. Our goal is to help businesses identify, protect, detect, respond, and recover from every cyber threat they face.

If you have any questions about the importance of cybersecurity or want to make your company “Exponentially Better™” with our cybersecurity framework, feel free to give XBASE a call at (416) 340-1020 or email us at sales@xbase.com.