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The Top Reasons for Investing in Cybersecurity Services In 2024 for SMBs

Updated: May 2

Cybersecurity Services

Small and Medium Businesses (SMBs) are commonly the main victims of cyber-attacks. Recent news shows that small and medium businesses (SMBs) are the primary targets of cyber criminals as they generally have more security vulnerabilities than large businesses. Hence, many SMBs become victims of cyber attacks, resulting in substantial data breaches and security incidents.

Understanding the Growing Problem of Cyber Threats 

According to Sophos News, in 2022-2023, ransomware attacks involving remote encryption rose by 62%, with threat actors using unmanaged devices to encrypt files on other systems.  Ransomware attackers are constantly adapting their strategies to focus on small-and medium-sized businesses (SMBs), with almost half of malware detections for SMBs in 2023 being keyloggers, spyware, and stealers - malicious software utilized by attackers to pilfer data and credentials. They revealed that SMBs are at a higher risk of cyberattacks and bear a greater impact from the consequences of cyberattacks because of insufficiently skilled security operations personnel, inadequate investment in cybersecurity, and limited information technology budget. In recent years, ransomware attacks have become a prominent problem for small-and medium-sized enterprises (SMEs), causing alarm among SMBs. These attacks typically involve hackers accessing a company's computer systems and encrypting important files or data, effectively blocking access. The hackers then demand a ransom payment to provide the decryption key to unlock the files. The cybercrime magazine predicts a 15% yearly rise in global cybercrime costs, reaching $10.5 trillion USD by 2025, up from $3 trillion USD in 2015. This forecast is based on past data, current trends, increased nation-state and organized crime hacking, and a larger cyberattack surface expected by 2025. 

What Are Cybersecurity Services?

Cybersecurity Services encompasses a wide range of practices to protect networks, devices, data, and programs from the risk of cyber attacks. Cybersecurity is necessary in building adequate protection for all businesses. Cybersecurity Services typically include services to secure infrastructure and applications and help establish policies and procedures to safeguard information assets. 

Impact of Cybersecurity Attacks on SMBs

Unlike larger corporations with dedicated cybersecurity teams, SMBs are highly vulnerable to cyber-attacks due to lack of resources. The consequences can range from financial setbacks to damaged reputation, leading to a decline in customer confidence. The aftermath of an attack can be financially devastating, with expenses like ransom payments and legal costs. Additionally, the tarnished reputation can be difficult for SMBs to recover from. The WannaCry attack is a prime example of how inadequate cybersecurity measures can disrupt SMB operations and compromise customer data.

5 Reasons Why  SMBs Should Invest In Cybersecurity Services

  1. Increasing Cyber Threats: Cyber threats are escalating, with cybercriminals becoming more sophisticated in their attacks.

  2. Vulnerability of SMBs: Small-and medium-sized businesses are increasingly targeted by cybercriminals due to the belief that SMBs have weaker security measures compared to larger organizations.

  3. Financial Impact of Cyber Attacks: The financial consequences of a cyber attack on an SMB can be severe, encompassing immediate losses and long-term costs associated with recovery efforts.

  4. Importance of Customer Trust: Maintaining customer trust is crucial, as a data breach can lead to a loss of trust and reputational damage, leading to difficulties in attracting new customers.

  5. Regulatory Compliance: Strict data protection regulations exist in various regions and industries, and non-compliance can result in significant fines and legal consequences.

Everleap as a Strategic Cybersecurity Partner

Everleap positions itself as a trusted cybersecurity partner, providing a range of customized solutions specifically designed to combat the cyber threats faced by SMBs. Leveraging its expertise in utilizing advanced monitoring tools, Everleap offers Cybersecurity Services with round-the-clock IT infrastructure vigilance, enabling proactive detection and management of issues and regular system enhancements and updates. Its comprehensive services include state-of-the-art virus and malware protection, advanced cyber threat detection, managed backup solutions to safeguard critical data, and robust ransomware protection to prevent and recover from attacks. By closely aligning its Cybersecurity Services with the operational requirements and budgetary limitations of SMBs, Everleap serves as a strategic defense mechanism that enhances an SMBs security posture, helps maintain stable business operations, and helps foster trust among customers

Contact us today for a free consultation on our Cybersecurity Services.

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