There is no denying that small to mid-sized businesses are more vulnerable to cyber theft than larger businesses. They are an easy target for cybercriminals. These businesses often have no IT department or simple networks and are less likely to follow industry best practices to prevent their sensitive data from being stolen. It is causing US-based companies to lose billions of dollars yearly, so hiring top IT professionals to avoid cyber fraud is becoming inevitable. 
A data breach can be costly to companies looking to expand their business operations in other IT domains. In short, cyber fraud is a curse kicking many multinationals out of the competitive race, so companies need to develop a sound theft prevention plan to achieve their intended business goals and ambitions.
Cyber Fraud in Small Businesses
Prevention of cyber-fraud is critical to a company’s long-term success. The biggest dilemma is that many small business owners fall prey to the idea that their company is too small to be a playground for cybercriminals. They mistakenly believe that their business won’t be a target. Regardless of its size and scale, cyber attackers will exploit any opportunity at hand and steal sensitive information using sneaky tactics. They are smarter than you think and imagine, and their hacking knowledge encourages them to get into this “so-called” profession and make the most out of it.
The age of digital evolution has brought vulnerabilities, strains, and repercussions. Along with it, cyber fraud is becoming much more common in today’s corporate setting. Generally, we hear news about multinational corporations affected by malware infections, viruses, and other advanced persistent attacks costing billions of dollars annually. But what about small businesses? Small business owners feel reluctant to accept that cyber fraud can happen to them, and they, too, can be under the radar of malicious cyber-attacks.
What’s More?
According to a study conducted by one of the top IT firms in the US, 63% of cybercriminals target small businesses. Cybercriminals are generally known to be magicians who know the art of stealing by skimming through online channels and networks. Therefore, small businesses need to change their approach and prevent sensitive information from leaking from their company networks.
Why Are Small Businesses A Target for Cyber Criminals?
There are countless reasons why cyber attackers often target small businesses. You can’t necessarily cover them all, but you can try to protect your business as much as possible. Here are the top two reasons small businesses are more vulnerable to cyber fraud.
No IT Department
Small businesses usually lack the resources to hire top IT professionals to secure their networks, devices, websites, servers, and online operations. This is why they are more likely to face potential threats from cyber criminals every single minute of the hour. The biggest misconception about hiring IT professionals is that ‘they are expensive.’ However, this is not the case. Many IT professionals and start-up cybersecurity agencies offer services at competitive rates. 
If you are doing it yourself, you must update your servers and install the latest security software to control the rising situation.
Simple Network and Systems
Small businesses have simpler networks and systems than larger businesses. A small business generally needs more servers and network devices. Even if they have on, they are often outdated and non-operational. New networks and systems now have advanced security and layers of encryption that prevent information leakage. Cybercriminals need help to break into advanced networks and systems, which allow businesses to identify the intrusion and give them time to secure their data.
Conclusion
In conclusion, the escalating threat of cyber fraud poses a severe risk to small businesses. Despite common misconceptions, they are prime targets for cybercriminals due to their limited resources, lack of IT departments, and simpler networks. The financial and operational consequences underscore the urgency for small businesses to prioritize cybersecurity measures and invest in professional IT support. The data breach menace demands a proactive approach to safeguard sensitive information, reinforcing the critical need for a robust theft prevention plan in achieving long-term business goals and ambitions.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.