5 Critical Reasons to Invest in Cybersecurity in 2022

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If you own a small-to-medium-sized business, chances are cybersecurity is on your radar. Chances are also good it’s something you know you need to invest in but keep pushing down your list.

Another year is almost through. If cybersecurity still isn’t a major consideration for your 2022 budget, consider this your official warning that it’s time to make sure your business has a fighting chance against the increasingly sophisticated web of cybercrimes.

#1 Cyber Attacks Are Hitting More Types of Businesses.

Large corporations have long been a target for cyber attacks, but over the years it’s become clear that no sector is safe. Everything from schools to nonprofits to government infrastructure are at risk.

#2 Small Businesses Are Particularly Vulnerable.

Almost half of cyberattacks are aimed at small businesses, and for a good reason: they usually lack sophisticated security measures. In 2018, one study found just 14% of small-and-medium-sized businesses reported having the capability to fight cyberattacks. Cyber criminals are well aware and taking advantage of the vulnerabilities. 

In fact, from 2019 to 2020, small businesses saw a 424% increase in cyber incidents.

#3 Most People—Including Your Employees—Don’t Know Basic Cybersecurity Precautions.

The good news is that approximately 80% of cyber crimes are easily preventable. The bad news is that most individuals aren’t able to recognize them. 

When it comes to phishing scams, one of the most common cyber crimes:

  • 97% of individuals don’t correctly recognize an email as a phishing ploy
  • 4% of individuals click on a link within the email
  • 86% of businesses and organizations had at least one person who tried to connect to a phishing site from a suspicious email

Education and prevention are critical to avoid becoming a statistic.

#4 You’re Now Living and Operating in the Cloud—an Added Security Risk.

There’s no way around it: your business will continue to live in the cloud. 2020 saw a rapid push to remote and hybrid workforces that are bound to stick around. But as companies quickly enacted cloud solutions, new cybersecurity measures didn’t always follow. 

According to the World Economic Forum, the rapid switch to cloud-based options could cause a new pandemic—this one entirely cyber. Cloud security is trickier than traditional on-premise security because you have multiple access points. Team members are spread out and using different internet connections and devices, even at the smallest organizations. While the cloud has enormous benefits for business, increasing security measures to cover new risks needs to be a high priority.

#5 You’re Unaware that Lack of Cybersecurity Can Cost You Big Money. 

The average cost of a cyberattack is $200,000. This cost is significant enough that 60% of small businesses who endure a major cybersecurity event close their doors within six months

To make matters worse, a quarter of small businesses don’t even realize cyberattacks can be costly, and over 80% have no budget to cover an attack should it strike.

You Don’t Need Luck; You Need Preparation. 

Running on luck that cyber criminals won’t find you is only going to get you so far. Making sure cybersecurity is part of your 2022 budget can be an insurance policy (quite literally–cyber insurance is becoming a must-have) that keeps your business healthy and functional. 

The AxiaTP team of experts are here to help you assess your IT for vulnerabilities and keep things running as smoothly as possible! Learn more about our IT solutions, including Managed IT Services and Infrastructure as a Service (IaaS). Or request a free, no-obligation Security Audit.