Page 62 - Cyber Defense eMagazine January 2024

Top 6 Security Challenges of SMEs

By Michal Gil, Head of Product, CybeReady

Small to Medium Enterprises (SMEs) are vital for innovation and economic growth, and their role in larger
supply chains makes them an attractive gateway for hackers. After all, you’re never too small to be a
target for cyberattacks.

Over 50% of cyberattacks target SMEs. These attacks lead to consequences like data loss, reputational
damage, fines, or a complete system shutdown—and within six months of experiencing a data breach or
hacking incident, 60% of these businesses cease operations. For hackers, it’s not about headline-
grabbing attacks that’ll earn them millions in illicit fortunes. It’s about taking the path of least resistance
to an organization’s finances, data, and systems, and unfortunately, SMEs offer easier entry points.

Almost every business experienced turbulent digital transformation thanks to the hurried transition to
remote working and cloud infrastructure when the pandemic hit. Although a few years have passed, the
lack of dedicated security teams and budget, plus less sophisticated tech stacks, continue to put SMEs
on the firing line.

Let’s review the security challenges that are making IT teams nervous this year and discuss the essential
remediation strategies you need to know.

Cyber Defense eMagazine – January 2024 Edition 62
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