![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/cyber-attacks-on-small-firms-the-us-economys-achilles-heel/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/119526458_gettyimages-585043481.jpg&description=Image source, Getty ImagesImage caption, Cyber-attacks on small companies surged between 2020 and 2021When Elana Graham started selling cyber-security software to small companies five years ago, business was relatively slow.Now demand is booming, driven by a rapid expansion in remote work that has left small firms vulnerable to attack.Business at her firm has tripled since the start of the year, she says, reaching an all-time high."It was a total head-in-the-sand situation. 'It's not going to happen to me. I'm too small.' That was the overwhelming message that I was hearing five years ago," says Ms Graham, co-founder of CYDEF, which is based in Canada. "But yes, it is happening."Cyber-crimes are expected to cost the world $10.5tn (£9.3tn) by 2025, according to cyber-security research firm Cyber Ventures. On the current trajectory, small businesses will absorb most of the hit.They are three times more likely to be attacked by cyber-criminals compared to large businesses, cloud security firm Barracuda Networks has found. And the risks shot up during the pandemic.Image source, Elana GrahamImage caption, Business has tripled this year for cyber-security software boss Elana GrahamBetween 2020-21, cyber-attacks on small companies surged by more than 150%, according to RiskRecon, a Mastercard company that evaluates companies' cyber-security risk."The pandemic created a whole new set of challenges and small businesses weren't prepared," says Mary Ellen Seale, chief executive of the National Cybersecurity Society, a non-profit that helps small businesses create cyber-security plans. In March 2020, at the cusp of the pandemic, a survey of small businesses by broadcaster CNBC found that only 20% planned to invest in cyber-protection. Then the Covid-19 lockdowns came into force and firms scrambled to move operations online. Working remotely meant more personal devices like smartphones, tablets and laptops had access to sensitive corporate information. However, lockdowns straine){kind=link}
When Elana Graham started selling cyber-security software to small companies five years ago, business was relatively slow.
Now demand is booming, driven by a rapid expansion in remote work that has left small firms vulnerable to attack.
Business at her firm has tripled since the start of the year, she says, reaching an all-time high.
“It was a total head-in-the-sand situation. ‘It’s not going to happen to me. I’m too small.’ That was the overwhelming message that I was hearing five years ago,” says Ms Graham, co-founder of CYDEF, which is based in Canada. “But yes, it is happening.”
Cyber-crimes are expected to cost the world $10.5tn (£9.3tn) by 2025, according to cyber-security research firm Cyber Ventures.