When it comes to data breaches, we tend to hear only about the “big ones” — from Target to Equifax to, most recently, Wipro. So it’s easy to see why people assume these kinds of events exclusively happen to large corporations. After all, who would want to go after the minnows when there are so many whales up for grabs?
Being lulled into this false sense of security is dangerous for small to midsize businesses. SMBs are just as likely to be hit by cyberattacks as their larger counterparts, and when cyberattacks do land, they’re less likely to bounce back. Even a cursory glance at some small business data breach statistics makes that clear: Following a cyberattack, 60% of SMBs end up going out of business. And every minute of downtime following a small business data breach costs $427.