
By Neil Taurins
If you’re a small business looking for the secret sauce to cybersecurity, the secret is out: start with a cybersecurity policy and make the commitment to security a business-wide priority.
Related: SMBs too often pay ransom
Small businesses, including nonprofit organizations, are not immune to cyberattacks. The average cost of a cybersecurity breach was $4.45 million in 2023, according to IBM’s Cost of a Data Breach Report, and over 700,000 small businesses were targeted in cybersecurity attacks in 2020, according to the Small Business Association.
Nonprofits are equally at risk, and often lack cybersecurity measures. According to Board Effect, 80% of nonprofits do not have a cybersecurity plan in place.
Given the risk involved, small businesses and nonprofits must consider prioritizing cybersecurity policies and practices to stay protected, retain customers, and remain successful. Financial information is one of the most frequently targeted areas, so it’s crucial