While any business that wants to stay afloat must regularly balance monetary costs against benefits, it is especially important for smaller businesses with more limited budgets to thoroughly vet their return on investment (ROI) before purchasing a new product or service. And, depending on budget constraints, many decisions must be made with potential risk in mind. For example, if the likelihood that a business would need a very specific type of costly insurance is extremely low, then there’s no point in wasting time or resources on that insurance, right?
But to make an accurate assessment of risk vs. reward, you have to truly understand all the possibilities. Unfortunately, when it comes to cybersecurity, a lot of businesses still don’t fully comprehend the risks they face. Perhaps they believe they are too small to make an attractive target for cybercriminals, or perhaps they think their end users would be vigilant enough to recognize and avoid viruses and phishing attacks.
The truth is: any business could be a cybercrime target, no matter its size. In fact, many cybercriminals specifically target small and medium-sized businesses (SMBs), counting on the fact that they are less likely to have adequate security measures.