October is Cybersecurity Awareness Month, making it the perfect time to talk about one of the biggest misconceptions in small business today: “I’m too small to be hacked.”
In a recent episode of the And I Quote podcast, Eder Ribeiro, Director of Global Incident Response at TransUnion, shared why small businesses actually face greater risk than large corporations.
The Myth: “No One Wants My Data”
Small business owners often underestimate their value to cybercriminals. Ribeiro calls this out directly:
“You’re a bigger target by being small, because more likely than not, you have less security than the enterprise client.”
In other words, cybercriminals look for easy targets, not necessarily big payouts.
Cybercrime Is a Business Too
Cybercriminal groups operate like franchises. Large ransomware groups develop tools, then “affiliate” networks of smaller criminals lease them out. These affiliates, — sometimes just 5–6 people, — target small businesses for volume and cash flow.
A 2019 Verizon Data Breach Investigations Report revealed that 43% of all cyberattacks target small businesses. They’re not “too small”, — they’re just right.
The Human Factor: How Hackers Get In
According to Ribeiro, 76% of claims he manages begin with a human error: clicking a phishing link, downloading a malicious attachment, or falling for a fake invoice. The latest FBI Internet Crime Report confirms this trend, showing $2.9 billion in business email compromise losses in 2023 alone.
Real Consequences: One Breach Can Close the Doors
Ribeiro recalled working with a 30-year-old staffing agency that was forced to shut down after a ransomware attack. With tens of thousands of personal records exposed and no cyber insurance in place, recovery was financially impossible.
What This Means for Insurance Agents
As an insurance agent, Cybersecurity Awareness Month is the perfect moment to start conversations with clients. Help them see cybercrime for what it is: — not a distant threat, but a business survival issue. Pair coverage with education and risk-management tools to build trust and protect their livelihoods.
🎧 Want to hear more real-world stories and insights from Eder Ribeiro? Listen to the full And I Quote podcast episode.
