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Why No Entrepreneur Can Afford to Overlook Cybersecurity
- Cybersecurity is essential for every entrepreneur as cyberattacks are on the rise with cybercrime losses expected to sky-rocket to $10.5 trillion annually compared to $3 trillion in 2015.
- SMEs are more at risk than larger companies as they usually have a weak cybersecurity posture and hackers can extract more revenue from a large number of infrastructures.
- Small businesses accounted for 43% of all hacked organisations, as per the US Small Business Administration (SBA) and less than 14% were well-prepared for it.
- Financial and reputational consequences are severe in case of cyberattacks, which may lead to lower consumer trust and organisation's reputation, and higher insurance premiums.
- Cyber incidents were identified as the most dangerous business risk by 50% of company leaders surveyed by the Allianz Risk Barometer 2023.
- Proactive investment in cybersecurity measures can help companies overcome the negatives and make cybersecurity their competitive edge. Businesses prioritizing information protection can defend their assets, establish credibility, increase repeat purchases, improve brand loyalty, and attract investors.
- Ignoring cybersecurity is no longer permissible for entrepreneurs today, and companies must not only mitigate an attack but also survive its consequences.
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