Why do people start a business? To make money? To pursue a passion? As an end goal to their current occupation? To further the industry that they are in? There are so many answers to this question, each unique to the individual that’s being asked. When starting a business, the are many foundational tasks you have to undertake; such as determining your product/service, creating a website, identifying clients, hiring employees, working out finances and having a good idea as to what your working hours will look like. But what haven’t you done? If you’ve read the prior articles, you already know the answer, which is, of course, to secure yourself with some cyber security. Because at some point, you are going to have to take your eyes off of your business. Maybe you’re going to lunch, maybe you’re dealing with a family emergency, maybe you're going to take that needed break. However, at some point, the responsibilities of being a business owner are going to be completely out of your hands. And this is where you’re most vulnerable because most cyberattacks are likely to occur during out-of-office hours. ‘One of the most frequent threats detected out of hours is ransomware. In 76% of infections, the encryption process begins either after hours or during the weekend.’ (Heinemeyer, 2021)

In a blog on cybersecurity, technical writer Nivedita James Palatty examines and expounds upon the varying statistics of cyberattacks against small businesses. One of the most interesting statistics they bring up is the costs of damages brought on by cyberattacks. ‘On average, small and medium-sized businesses (SMBs) lose $25,000 due to cyberattacks. In 2020, small businesses faced over 700,000 attacks which caused a total of $2.8 billion in damages.’ (Palatty, 2023) For a small business, such losses can be devastating, not to mention, completely demoralising, for yourself as the business owner as well as others who have their stake in the success of the business.

Thus, to ensure security and success, a business owner must prove themselves responsible and cover all grounds. Which is to say, it is imperative for a business owner to protect themselves with cybersecurity.

- Written By; Ryan Sadler, May 31st 2024

Bibliography:

Max Heinemeyer, (2021), ‘Why Most Ransomware Attacks Occur "After Hours"’, Darktrace Blog, 31 March, <https://darktrace.com/blog/im-sorry-were-closed-why-most-ransomware-attacks-happen-out-of-hours> [accessed 31 May 2024]

Nivedita James Palatty, (2023), ‘51 Small Business Cyber Attack Statistics 2024 (And What You Can Do About Them)’, Security Audit, 22 December, < https://www.getastra.com/blog/security-audit/small-business-cyber-attack-statistics/> [accessed 31 May 2024]