While cybercriminals will target just about anybody or business, SMEs present an easy target. An attack costs local businesses around R50 million which would be catastrophic for an SME. As such SMEs should be aware of the threats they face and deploy measures to protect their data.
When it comes to cybercrime, small businesses are often the most highly impacted by attacks. Locally, a data breach can cost a business R53.10 million on average , a figure that could destroy a small business.
Cybercriminals are constantly looking for new attacks methods and ways to exploit gaps in security. While large enterprises can rest easy knowing a dedicated team is fending off intruders, SMEs don’t have the same luxury. “The direct financial implications are just one aspect of the damage.
What’s often overlooked is the long-term impact on customer relationships and brand reputation. A breach can lead to a loss of confidence from both consumers and business partners, which is often very hard to regain,” explains Faiez Hartley, head of IT at Business Partners Limited . In addition to reputation and money, there may also be legal implications for a business.
Legislation such as the Protection of Personal Information Act (POPIA) puts stringent rules in place for businesses who collect any sort of data. Something as simple as poor password hygiene could end up not only ending in a breach, but fines and potentially even prison time. “Many SMEs believe they are too small to be targeted b.
