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Cybersecurity statistics show that 43% of cyberattacks target SMBs, and 60% of small businesses that fall victim to a cyberattack go out of business within six months. Despite cybercrime costing SMBs more than $2.2 million a year, over three-quarters of small businesses (78%) believe at least one common misconception about cybersecurity, putting a third of their revenue at risk.1,2
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With this in mind, the experts at cybersecurity and compliance company Kiteworks have debunked several common cybersecurity myths for SMBs, helping small business CEOs better position their companies to withstand cyberattacks and protect their customers’ personally identifiable information (PII).
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“We’re too small to be a target.”
Many SMBs believe cyber criminals only target large corporations with more valuable assets and vast amounts of data. SMBs assume their small size makes them unattractive to attackers. SMBs, however, are prime targets for cyberattacks because they often have smaller cybersecurity budgets and therefore weaker cybersecurity defenses relative to larger organizations.
Cybercriminals know this and frequently exploit small businesses to gain access to larger, more lucrative supply chains or simply to steal data or money directly. Even small businesses can possess large amounts of personal identifiable information (PII), which is highly valuable to hackers. Stolen PII can be used for ransom, identity theft, fraud, or even to launch targeted phishing attacks on customers or employees.
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“We don’t have anything worth stealing.”
CEOs of small and medium-sized businesses often assume that their businesses don’t hold sensitive or valuable information that hackers would want. They believe only companies engaged in large financial transactions, healthcare, or big data are at risk. In reality, every business has valuable data, whether it’s customer information, intellectual property, financial data, or even employee credentials.
Cybercriminals also target SMBs to launch broader attacks, gain access to customer or partner networks, or even leverage their systems for phishing attacks and spreading malware. This is why small businesses must invest in cybersecurity, not only to protect their assets but also to prevent their networks from being exploited as entry points to larger targets.
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“Our antivirus software is enough protection.”
While antivirus software is a crucial part of cybersecurity, it’s far from sufficient. Modern cyberattacks are highly sophisticated, often bypassing traditional antivirus software. Cybersecurity requires a multi-layered approach, including firewalls, encryption, secure backups, networks segmentation, access controls, patch management, intrusion detection systems, employee training, and more.
One key aspect of a robust cybersecurity strategy is implementing secure file transfer solutions. Many SMBs transfer sensitive information—such as financial records or customer data—via email, file sharing, file transfer, or other unencrypted means, which can easily be intercepted by attackers. Secure file transfer solutions ensure that data is encrypted both in transit and at rest, reducing the risk of data breaches and unauthorized access.
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“Cybersecurity is too expensive.”
It’s often assumed that comprehensive cybersecurity measures are beyond the financial reach of SMBs and reserved only for larger enterprises with bigger budgets. While cybersecurity solutions can be costly, there are scalable options tailored to the budget of SMBs. The cost of recovering from a cyberattack—including lost revenue, reputational damage, litigation, and potential regulatory fines—is typically much higher than the upfront investment in preventative measures.
Cloud-based security services, outsourcing to managed security service providers (MSSPs), and adopting basic best practices can dramatically improve a company’s cybersecurity posture without breaking the bank. For instance, committing to regular software updates and applying patches in a timely manner are vital in closing security vulnerabilities. Implementing strong password policies, such as requiring the use of complex, unique passwords for employees, further supported by multi-factor authentication (MFA), adds an additional layer of defense against unauthorized access.
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“We can handle a cyberattack internally.”
While some small businesses may have an in-house IT team, cybersecurity is a highly specialized and constantly evolving field. Cyberattacks are becoming increasingly sophisticated, and without the expertise and resources that dedicated cybersecurity professionals or services provide, many SMBs will struggle to effectively detect, respond to, and recover from an attack. Cyber incidents like ransomware, data breaches, or phishing attacks can severely disrupt an organization, often requiring rapid, coordinated responses that go beyond basic IT skills.
Additionally, handling attacks internally without the right tools and knowledge can lead to missteps that worsen the situation, increase downtime, or result in further data loss. Partnering with external cybersecurity experts or managed security service providers (MSSPs) ensures that SMBs have access to up-to-date threat intelligence, advanced tools, and proven response strategies, including an incident response plan, which can make the difference between a swift recovery and a prolonged, costly disaster.
Importance of cybersecurity investment for SMBs
Tim Freestone, Chief Marketing and Strategy Officer at Kiteworks, emphasizes the importance of cybersecurity investment for SMBs:
“Sensitive content, whether it’s customer data, intellectual property, or internal communications, poses a significant risk for SMBs if not properly protected. As cybercriminals evolve their tactics, CEOs need to understand that their businesses are not immune to attacks. The reality is that a data breach or ransomware attack can be devastating, both financially and reputationally, making it essential to adopt comprehensive cybersecurity measures.”
By investing in secure file transfer solutions and multi-layered cybersecurity strategies, SMBs can reduce their exposure to these risks. Taking these and other proactive steps not only safeguards sensitive information but also ensures business continuity and protects customer trust. In today’s threat landscape, CEOs must view cybersecurity as a critical investment, not a discretionary expense.”
Credit: Kiteworks
