Did you know that RM67.6 million was lost to cybercrimes in Q1 2019? Cyber criminals are aggressive and the disastrous tactics employed can often leave business owners in a state of distressed.
How much damage can a cyberattack impose to small and medium-sized businesses?
- Direct: Financial losses caused by cybersecurity incident – this includes loss of productivity, fines, remediation cost, etc;
- Indirect: The opportunity cost to the organization thanks to damaged reputation and loss of customers
- Induced: The impact of cyber breach to the broader ecosystem, such as the decrease in consumer spending
While small and medium-sized businesses key decision makers may feel they are less at risk, cyber criminals turn to larger businesses to make a strike. This is not true as they are equally vulnerable. Where the are opportunties, cyber criminals will seek to exploit.
Small and medium-sized businesses need to fortify their defenses against cyberthreats as any unwanted incidents can result in regrettable outcomes.
