Small businesses are not immune to cyberattacks. Many cybercriminals target smaller-size organizations because they often operate on a lower cybersecurity budget and have less infrastructure to protect the company’s data, making them easier to attack. This targeting by cybercriminals is widespread, as demonstrated by an ITRC study which reveals that 73% of small businesses state they have encountered cybersecurity problems over last year.

Cyberattacks continue to be a cause for concern for businesses. Although great strides have been made to combat this issue, the ability of threat actors to adapt, combined with other factors such as the rise in remote working or the increase in the number of devices with Internet access, means that cybercrime persists. According to a study by Cybersecurity Ventures, a cyberattack took place every 39 seconds in 2023, which translates into over 2,200 cases per day.

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Data theft is one of the main concerns for organizations in terms of cybersecurity. Despite the advances made in protection and action protocols, there have been numerous cases in recent months of corporate and third-party data being compromised, putting organizations’ businesses and their customers' privacy at risk.

Boards of directors are working to improve their ability to oversee cybersecurity risk management. This is in response to the growing frequency and severity of cyberattacks, as well as new regulations that require organizations to take a more proactive approach to cybersecurity.