Growing cybercrime attractiveness is bad news for small businessesThursday February 09 2023
It was devastating to read about how smart but jobless brains in the country are being lured into cybercrime. While cybercrime is a growing concern for businesses of all sizes, small businesses are particularly vulnerable.
A recent report by the National Cyber Security Alliance showed that 43 percent of cyber attacks target small businesses.
This is because small businesses often have fewer resources to defend themselves against cyber attacks. They may not have the funds to invest in robust security systems, firewalls, and anti-virus software.
Another factor that makes small businesses more vulnerable to cybercrime is a lack of cybersecurity expertise.
Read: Joblessness drives uptick in cybercrime skills demand
Many of them do not have dedicated IT staff to manage their security systems. Sadly, from the above report, 60 percent of small businesses that experience a cyber attack go out of business within six months.
The impact of a cyber attack on a small business can be devastating since they have limited resources to recover from an attack, and the cost of a breach can be substantial.
For example, the cost of downtime lost business, and the time and effort needed to recover lost data can be significant.
In addition, cyber attacks can result in the theft of sensitive customer data, including credit card numbers and personal information, which can harm the reputation of the business and lead to lawsuits.
Such businesses may also face a significant loss of revenue if their website or other systems are compromised.
For example, if a small business relies on its website for sales, a cyber attack that takes the site down can result in lost sales and damage to the company’s reputation.
The cost of repairing the damage and restoring the site can be high, putting a strain on the business’s finances.
Like corruption in our country, these malicious attackers are unlikely to change their ways until after they enrich themselves, which will then breed another generation of them.
Read: Mitigating cyber-fraud risks targeting Kenyan businesses
They have declared war and everyone must get ready to defend themselves. Small businesses must invest in strong security systems and educate themselves on the latest cyber threats to minimise the risk of a cyber-attack and protect their customers’ sensitive information.
The writer is a communications consultant.