In the world of cybersecurity, there is a common misconception that smaller businesses are less vulnerable to cyber attacks. The logic behind this belief is that smaller businesses have less data and fewer resources than larger businesses, making them less attractive targets for hackers. However, this line of thinking is flawed and dangerous.
The truth is, small businesses are just as vulnerable to cyber attacks as larger businesses, if not more so. While large businesses have the resources to invest in top-of-the-line cybersecurity measures, smaller businesses may not have the budget to do so. This can leave them exposed to cyber criminals who are looking for easy targets.
Additionally, small businesses often work with larger businesses as part of their supply chain. This means that if a small business is breached, it can provide a backdoor for hackers to enter the larger businesses they work with. This can have devastating consequences for the entire supply chain. A few examples:
- Target – Target USA suffered a significant data breach after cybercriminals accessed the retailer’s sensitive data through a third-party HVAC vendor. Cyber attackers accessed Personal Identifiable information (PII) and financial information impacting 70 million customers and 40 million debit and credit cards.
- Equifax – Equifax, one of the largest credit card reporting agencies, suffered a data breach via an application vulnerability on their website. The breach impacted over 147 million of Equifax’s customers, The stolen sensitive data included social security numbers, drivers license numbers, birth dates, and addresses.
- Paradise Papers – Confidential offshore investment documents, dubbed as Paradise Papers. were breached via third-party law firm Appleby. The sensitive data exposed 13.4 million investment records of the wealthy 1% including, Donald Trump, Justin Trudeau, Vladimir Putin’s son-in-law, and even Queen Elizabeth.
- Panama Papers – Panamanian law firm Mossack Fonseca leaked over 2.6 terabytes of sensitive client data in a breach. The breach revealed the devious tax evasion tactics of over 214,000 companies and high-ranking politicians.
The bottom line is that no business is too small to be breached or too big to be hacked and the financial impact of an attack could be monumental, regardless of the size of a business. Every business, regardless of size, needs to take cybersecurity seriously and take steps to protect themselves and their customers. This means investing in cybersecurity measures, such as firewalls, antivirus software, and employee training. By doing so, businesses can reduce their risk of a cyber attack and protect their reputation, finances, and customers.
