Even though the bigger corporations are grabbing all the headlines in the cybersecurity space, the mid-size and smaller companies have much more to lose when it comes to consequences of a breach. Be it either financial or productive damage, both can pose permanent damage to the reputation to a company. The risk factors for cybersecurity have become the highest for smaller firms.
An estimated sixty percentage of smaller firms would go out business within a few months of a breach, which shows the actual consequences of insufficient cybersecurity measures. As there is a development in technology, there is also an increase in the scope of cyberattacks; also thanks to the new technologies such as IoT , which is helping our world stay connected.
When it comes to midsize and small firms, there is a bigger chance of them being vulnerable to breaches and the outcome being extremely large-scale. To avoid such consequences, these firms should take small steps to safeguard their important information.