Cybersecurity: A Financial Survival Imperative for SMBs

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With cyberattacks growing in frequency and sophistication, nearly one in five small and medium-sized businesses now face the risk of permanent closure after a breach. That makes cybersecurity a board-level concern, not just an IT checkbox. https://lnkd.in/gaGajQxS As CFOs and finance leaders invest in tools to streamline operations and support agile decision-making, they must also scrutinize the security posture of every vendor. The right technology can protect sensitive financial data, ensure regulatory compliance, and safeguard business continuity. The wrong choice can expose the organization to reputational damage, legal liability, and existential risk. 🔹 Cybersecurity is now a top business concern for SMBs—second only to inflation and rising costs. 🔹 Nearly 20% of SMBs could permanently shut down after a successful cyberattack. 🔹 Common threats: phishing, ransomware, deepfake scams, and denial-of-service attacks. 🔹 Average cost of an attack: $250,000, with some reaching $7 million. When evaluating finance and accounting software, SMBs should look for compliance with recognized security frameworks that signal maturity and accountability: ✅ SOC 2 Type II - Demonstrates ongoing operational security—not just a one-time audit ✅ ISO/IEC 27001 - Indicates a systematic approach to managing sensitive data ✅ PCI DSS - Critical if software handles credit card transactions ✅ GDPR / CCPA - Ensures compliance with regional privacy laws, even if your business isn’t based there ✅ FIPS 140-2 - Important for encryption strength and federal compliance Tech mitigation strategies: 💠 AI-powered threat detection and real-time response 💠 Automated security processes 💠 Proactive vulnerability scanning Cybersecurity is a financial survival imperative. SMBs are increasingly turning to AI and automation to reduce risk exposure and protect operational continuity.

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