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Knowledge Exchange examines best practices for small and medium enterprises to strengthen their defences against cyber threats.
With cyberattacks surging since the pandemic, small and medium enterprises (SMEs) face extraordinary challenges when it comes to cybersecurity. According to a recent survey by cybersecurity company Guardz, 57% of SMEs have experienced a cybersecurity breach, among whom 31% reported their business had been targeted by a breach in the past 12 months alone.
So, why are hackers targeting the smaller fish in the pond?
For cybercriminals, it’s about choosing the path of least resistance to an organisation’s data, infrastructure, and finances. Due to lack of budget and resources, many SMEs have weaker security measures, limited security training and a lack of dedicated IT staff in place to combat cybercrime. Also, SMEs can offer a gateway for hackers to gain access to larger businesses through supply chains, which makes them even more attractive to hack.
The hard consequences of these attacks include data loss, financial costs, reputational damage, or a complete system shutdown that can last hours, days, even weeks, bringing your business to a standstill. In many cases, SMEs have gone out of business over one successful cyberattack.
It is paramount for companies to put the nbackuecessary precautions in place to thwart any potential attacks. Knowledge Exchange shares five key steps to take today to protect your SME:
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