The internet and other digital technologies have revolutionized the way we do business. This much we know. But they have also opened the door to a whole new set of threats and dangers that each business owner needs to be prepared for. Although we are all aware of the hacking attacks to large corporations we hear about every week on the news, little is known about the prevalence of small business hacking and systems breaches.
Small businesses represent easy targets and can offer fantastic rewards if attempts are successful. Hackers are catching on to this, with the share of attacks on small businesses growing each year. Currently, 43 percent of all cyber attacks are performed on small businesses.
Also, some small businesses, such as retailers, are more attractive to hackers largely because they have access to credit card and bank information as well as other personal data that can fetch a fair price on the black market. But why is this happening? Logic would dictate that larger companies would still be the best target since they have more information that is often more valuable.
Well, when you look a little closer, the fact these cybercriminals are shifting their focus actually makes a lot of sense. Here’s why your business could become a target for hackers, some things you can do to help protect yourself and your business and why cyber liability insurance is so crucial.