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Hidden Cybersecurity Costs: A Wake-Up Call for Toronto’s Small Businesses

VBS IT Services

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For small businesses, the stakes have never been higher. A single cyberattack can cripple operations and devastate your bottom line. Don’t believe us? Consider this: Small businesses account for 43% of cyberattacks annually. Still think you’re too small to be a target? Read on to learn why you need IT support services in Toronto.

Why Cybercriminals Are More Active Than Ever

Since the onset of the COVID-19 pandemic, cyberattacks have skyrocketed by 300%. This surge has made cybersecurity consulting an essential service for businesses. The shift to remote work, coupled with an increased reliance on digital platforms has created a playground for cybercriminals.  According to a report by Cybersecurity Ventures, global damage costs from cybercrime are expected to soar to $10.5 trillion annually by 2025. 

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The Staggering Financial Toll on Small Businesses

When cybercriminals strike, the financial fallout can be overwhelming, especially for small businesses. According to a recent article by StrongDM, 95% of cybersecurity incidents at SMBs cost between $826 and $653,587. The wide range of these figures goes to show the unpredictable and disastrous possibility financial impact of a cyberattack. Nearly 40% of these businesses reported losing crucial data as a result of an attack.    If you’re a small business in Toronto, our Managed IT Services can help you prepare and mitigate these risks.

👉For actionable insights on how to respond effectively to such incidents, check out our specialized Incident Response Services.

The Real Cost of Prevention vs. Cure

Think cybersecurity is expensive? Try getting hacked. The average cost of a cybersecurity solution ranges from $1,000 to $3,000 per year, depending on your needs. In contrast, a single cyberattack could cost you upwards of $653,587. Our Simplified Cybersecurity Service offers comprehensive solutions tailored to the unique challenges faced by small businesses.

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Small But Not Invisible: Why You're a Target

Contrary to popular belief, small businesses are far from invisible to cybercriminals. Like previously mentioned, 43% of cyberattacks are aimed at small businesses, but only 14% are prepared to defend themselves. Cybercriminals often perceive small businesses as easier targets because they assume these companies have less sophisticated cybersecurity systems in place. Small businesses are not only vulnerable but also attractive targets for cybercriminals looking for quick wins. The misconception that “it won’t happen to me because my business is small” can lead to complacency, further increasing the risk. This is why IT Support Services are a key to mitigating risk.  

Don't Roll the Dice: The Importance of Being Proactive

Ignoring cybersecurity is a gamble you can’t afford to take. Not only does it put your sensitive data at risk, but it also exposes your business to severe financial and reputational damage. A report by Verizon found that a staggering 83% of small businesses lack a formal cybersecurity plan, leaving them vulnerable to attacks.

Being proactive rather than reactive in your cybersecurity efforts can make all the difference. Implementing a robust cybersecurity plan doesn’t have to be complicated or expensive. Simple steps like regular software updates, employee training, and multi-factor authentication can go a long way in safeguarding your business. The cost of these preventative measures is minuscule compared to the potential losses from a cyberattack. By being proactive, you’re not just protecting your business; you’re also building trust with your customers and stakeholders, which is invaluable.

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In Conclusion: The Cost of Inaction is Too High

The question isn’t if your small business will face a cyberattack, but when. The statistics are alarming, and the financial toll can be devastating. But the good news is that you can take steps to protect your business. Investing in cybersecurity isn’t just a cost; it’s a crucial investment in the future of your business.

If you’re not sure where to start, consider our Simplified Cybersecurity Service. We offer tailored solutions to help small businesses like yours stay ahead of cyber threats. Don’t wait for a cyberattack to cripple your operations and damage your reputation. Take action now to secure your business and your future.

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