Most SMEs today are achieving growth at the cost of security. Small business owners are often under the impression that hackers prefer the critical data of big enterprises over theirs. Data, however, points to unsettling results on how cyber risk affects small enterprises. 60% of SMBs shut down six months after reporting their first hacking incident.
With all of this evidence pointing to an impending cybersecurity catastrophe, there appears to be a greater understanding among SMBs of the importance of protecting their systems.
If your cyber security measures are still lacking, let’s examine some of the gaps in your current procedure.
- Small enterprises lack the necessary cybersecurity regulations.
According to a survey from Accenture, small and medium-sized businesses are the target of more than 40% of cyber attacks worldwide. This is because they lack the funds and resources necessary to oversee and execute the security of their networks. SMBs lack a dedicated team of cyber security specialists to help them identify and avert potential threats.
- SMEs frequently utilize software that has been cracked or is counterfeit
Microsoft stopped providing updates and support for Windows 7 as the operating system was becoming increasingly pirated. 41% of users are still using an unsupported version of the Windows operating system, according to a recent Kaspersky analysis. Because they are deprived of the essential security upgrades included with original software, SMEs become a prime target for hackers.
It’s Time to Change Your Response to Hacking Threat
43% of business owners believed they would never be the target of a cyberattack, according to a new survey on cybersecurity and SMBs by Keeper’s Security.
Before 2017, when its system was hacked and the data of 17 million consumers was exposed, Zomato may have shared the same opinion. According to reports, the information was offered for sale to the highest bidder on the dark web.
You may have realized by now that SMBs are not at all protected from cyber threats and require urgent improvements to close known security holes.
The COVID-19 pandemic’s impact on the economy and the consequent funding shortage have further exacerbated.
In such a scenario, the only feasible solution is for small and medium-scale organisations to have knowledge of all vulnerabilities posing a risk to their system. This is possible through VAPT.
Why Should VAPT Be an SME’s Top Priority?
In the Keeper’s Security survey, it was shown that 1 in 4 firms lacked clarity over how to develop a cybersecurity policy. Implementing VAPT can help these organizations identify security issues and conduct corrective action.
The following is a list of some of the reasons why small and medium-sized businesses should give VAPT top attention.
- VAPT Goes Beyond Firewall and Antivirus Solution
For their system security requirements, small businesses solely rely on firewall and antivirus solutions. This is insufficient because cyberthreats constantly change and take on riskier forms like malware, ransomware, phishing attacks, etc.
Moreover, hackers have multiple entry points to manipulate critical data which are not covered by antivirus and firewall. VAPT is useful for identifying those entry points and obtaining measures to close them as soon as possible.
- VAPT Streamlines Security Budget of SMEs
According to Kaspersky, almost 45% of SMBs spend less on cybersecurity than is typical. The absence of financial resources is one of the main causes of this. VAPT helps such businesses detect vulnerabilities which can compromise their systems. The organisation would then have a clear idea about the critical threats they need to counter first and design their IT security budget accordingly.
- VAPT Helps Maintain Customer Trust
Approximately 60% of clients, according to a survey, think that their personal information could be compromised. It is detrimental to the expansion of small enterprises for investors and new customers to harbor such mistrust. By offering a thorough examination of the pain spots that may affect both your data and the data of your clients, VAPT can successfully combat this.
At one point, VAPT of an ERP solution for education revealed that its servers were particularly vulnerable to DDoS attacks. The servers were then modified to be properly configured.
In Conclusion, SMBs who believe they will never be attacked and don’t require a cybersecurity policy couldn’t be more mistaken. Small firms, in contrast to major enterprises, find it extremely difficult to survive the fallout from a data breach.
In situations like these, VAPT is advantageous for SMBs with little funding. It highlights a vulnerability in network security that hackers could exploit and offers counterintuitive solutions. Additionally, it is the most effective method for building investor and client trust.