(BPT) - As cyberattacks become more sophisticated than ever, small business owners need to take action or face some potentially devastating consequences. Contrary to popular belief, an estimated 43% of all data breaches involve small businesses, not large corporations. Even more alarming, another study found that 60% of small businesses who fell victim to cyberattacks closed their doors within six months. From these two statistics alone, it’s clear the stakes couldn’t be higher.
According to experts, three of the biggest cybersecurity threats to small businesses are ransomware, direct larceny attacks and compliance issues. Ransomware is a type of malware that locks you out of your system and encrypts your data, holding it hostage unless you pay a ransom. It’s damaging to small businesses because of its impact halting business operations. Larceny attacks are more straightforward, with hackers stealing money or valuable data by infiltrating your system. Lastly, if you’re not properly guarding customer data, these kinds of attacks could lead to serious compliance issues and potentially some very large fines.