The Cyber Risk SMBs Can’t Afford To Ignore

While awareness is supposedly on the rise, cybercrime losses have been steadily increasing, and projections indicate a continued upward trend. Globally, cybercrime costs are projected to reach $10.5 trillion annually by 2025, according to Cybersecurity Ventures.

In today’s digital economy, small and midsize businesses (SMBs) are no longer flying under the radar of cybercriminals. In fact, they’ve become prime targets. According to recent industry reports, nearly 60 percent of SMBs experience a cyberattack each year.

“Many SMBs operate under the dangerous assumption that they’re too small or insignificant to attract cybercriminals,” says Digital Evolution Institute founder Julia Valentine. “In reality, attackers often see SMBs as low-hanging fruit, companies with valuable data but weaker defenses. Whether it’s financial records, employee data, or client information, your business is a digital goldmine to hackers.”

Many small businesses are at serious risk without realizing it. Common signs include not using multi-factor authentication, not knowing what systems or tools are in use, and ignoring alerts or phishing emails. Relying on basic IT support, skipping regular backups, running outdated software, and lacking a clear response plan all leave the door open to attacks. Even being denied cyber insurance can be a red flag.

Read the Full Story