In an increasingly digital world, businesses of all sizes are at risk of cyber attacks. While larger enterprises often have extensive cybersecurity measures in place, small and medium-sized enterprises (SMEs) can be more vulnerable due to a lack of resources and awareness. With cybercriminals becoming more sophisticated, SMES must prioritize cybersecurity and network security to protect their valuable assets. This will discuss the potential damages of not having a true cyber-secure and network-secure environment in SMEs and the importance of engaging a cybersecurity expert to mitigate these risks.
A common misconception among SMEs is that they are too small to be targeted by cybercriminals. In reality, smaller businesses are often seen as easy targets due to their lack of robust cybersecurity measures. According to a report by Hiscox, 47% of small businesses experienced a cyber attack in the past year, with the average cost of a single attack estimated at $200,000 (1). These costs can include lost revenue, damaged reputation, legal fees, and potential fines for non-compliance with data protection regulations.
A cyber attack can have disastrous consequences for an SME's reputation, as customers and partners may lose trust in their ability to protect sensitive data. In some cases, this loss of trust can lead to the termination of business relationships or even the closure of the business. An s article National Cyber Security Alliance study found that 60% of small businesses go out of business within six months of a cyber attack (2).
SMEs that experience a data breach may face significant legal and regulatory consequences. Depending on the jurisdiction and nature of the breach, businesses may be required to notify affected individuals and regulators and pay fines for non-compliance with data protection laws. In the European Union, for example, businesses can be fined up to 4% of their annual global turnover or €20 million (whichever is greater) for breaches of the General Data Protection Regulation (GDPR) (3).
Given the potential damages of a cyber attack, SMEs need to invest in cybersecurity and network security measures. This includes engaging a cybersecurity expert who can assess an organization's current security posture, identify vulnerabilities, and implement appropriate security controls to protect against threats.
A cybersecurity expert can help SMEs understand their risk exposure and prioritize security measures based on the specific threats and vulnerabilities they face. This may involve conducting risk assessments, penetration testing, and vulnerability scanning to identify potential weaknesses in an organization's systems and networks.
Once risks have been identified, a cybersecurity expert can work with SMEs to implement appropriate security controls. This may include measures such as firewalls, intrusion detection systems, encryption, and strong authentication processes. Additionally, a cybersecurity expert can help develop and enforce security policies and procedures to ensure that employees and other stakeholders follow best practices for cyber hygiene.
As the cyber threat landscape evolves, SMEs need to continuously monitor their security posture and adapt their defences accordingly. A cybersecurity expert can provide ongoing support by monitoring networks and systems for potential threats and offering guidance on responding to and recovering from security incidents.
Ignoring cybersecurity and network security can have devastating consequences for small and medium-sized enterprises. The cost of a cyber attack can be crippling, resulting in lost business, damaged reputation, and legal and regulatory ramifications. By engaging a cybersecurity expert, SMEs can better understand their risk exposure, implement appropriate security controls, and receive ongoing support to ensure that their organization remains resilient in the face of cyber threats.
(1) Hiscox. (2019). Hiscox Cyber Readiness Report 2019. Retrieved from
(2) National Cyber Security Alliance. (n.d.). Stay Safe Online: Small Business. Retrieved
(3) European Union. (2016). Regulation (EU) 2016/679 (General Data Protection Regulation). Retrieved from
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