Small businesses and self-employed people are big targets for hackers, and the financial implications can be crippling. Gone are the days of thinking “It’ll never happen to us”. A total of 61% of all data breaches this year occurred in businesses with fewer than 1,000 employees, according to the Verizon Data Breach Investigations Report. Estimates vary on how much a breach truly costs, but it can often be millions of pounds.
What’s more, new European regulation aimed at protecting personal data (GDPR) comes into force next year, and could result in fines of between 2% and 4% of annual turnover, or €20m (£18m), whichever is greater. Not only have hacks increased in frequency, but the impact on SMEs is getting much bigger.
But where do you begin? Many SMEs feel that being as secure as a big business is impossible. Corporations have large budgets, chief security officers and entire teams dedicated to cybersecurity. This perception stems from the impression that hacks are vastly complicated, and rely on a tireless horde of highly skilled attackers. Most hacks aren’t like that. The majority depend on poor passwords and a lack of awareness of what a hacker actually needs to compromise your systems – a simple phishing email or a leaked password and they’re in. It’s that simple.