Since the beginning of the COVID-19 pandemic, small businesses have quickly adopted remote working and transitioned to new technologies, such as contactless payments and online ordering. Unfortunately, these adjustments have come with increased risks. According to a 2022 report from Barracuda, a cloud and networks security company, small businesses with fewer than 100 employees receive 350% more social engineering attacks — like phishing, scamming or email compromise — than larger businesses.
Compared with larger companies, many small businesses have fewer resources to dedicate to cybersecurity, leaving them vulnerable to the ever-evolving tactics of cybercriminals. And dealing with the consequences of a cyberattack can be seriously detrimental to a business’s bottom line, costing approximately $25,000 per year.
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