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Small business target of 58 per cent of all cybercrime

The global cost of cybercrime stood at an estimated $600 billion (USD), with 58 per cent of all cybercrime targeting small businesses.

Small business target of 58 per cent of all cybercrime
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  • Staff Reporter
  • March 01, 2019
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Small businesses are the lifeblood of the global economy. They provide all manner of essential services – to individuals, government, larger organisations, and to each other.

Whether the victim of identity theft, malware, a phishing scam, ransomware attack or email spoofing, a small business can be crippled by any of these with devastating consequences both for the business itself and the ecosystem of which they are a part, the Global Cyber Alliance (GCA) said in a recent press release.

Many small businesses are forced to close shortly after a cyber-attack, due to the financial impact, the GCA points out.

However, for those that do survive, limiting reputational damage and rebuilding trust are key.

GCA, in partnership with Mastercard, has released a new Cybersecurity Toolkit specifically designed for small and medium-sized businesses. This free online resource is available worldwide and offers actionable guidance and tools with clear directions to combat the increasing volume of cyber-attacks.

“We have focused on common security issues, global standards and recognised best practices,” the GCA said.

“We have tried to turn what is often perceived as a confusing minefield into a clear course of action that will increase an SMEs resilience to cyber-attack,” it added.

The toolkit is divided into a series of toolboxes, each organised and described in a way that makes it as easy as possible for people without basic cybersecurity knowledge to understand the risks and select the right tools for their organisation.  All of these tools are free to use.

This toolkit is specifically aimed at the small businesses and is therefore relevant for both IFA members and the clients whom they serve.

“Implementing the toolkit across the entire supply chain and ecosystem (particularly for those that cannot afford to pay for or know how or what to implement) improves security for all,” the GCA explained.

It added that although SMEs often think they are not on the radar of cyber attackers, the truth is that they hold valuable information (particularly relevant within the accountancy sector) and form the stepping stone into larger organisations that may be the hackers’ ultimate target. 

The GCA is an international, cross-sector alliance dedicated to eradicating cyber risk and improving our connected world.

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