Small Businesses in a Digital World: Opportunities, Challenges, and Cybersecurity
Today, small businesses are anything but small in their impact. They have long been the backbone of the global economy, and with the rise of digital technology, they are expanding beyond local communities into international markets.
However, this increased digital presence comes with both opportunities and risks. Many small business owners, who once believed they were not targets for cybercriminals, are now facing the harsh reality of cyber threats firsthand.
A soon-to-be-released Mastercard survey of over 5,000 small and medium-sized business (SMB) owners across four continents found that 46% have been victims of cyberattacks. Alarmingly, nearly one in five of those affected were forced to shut down or file for bankruptcy following an attack.
The most common types of cyber threats—hacking, malware, and phishing—inflict significant financial damage. Business operations slow down, revenue is impacted, and reputational harm can last long after the breach. In fact, 80% of affected business owners reported needing to rebuild trust with customers and partners post-attack.
Recognizing the growing risks, cybersecurity is now a top priority for small businesses. According to the survey, 86% of SMBs have conducted cybersecurity risk assessments and implemented security plans. However, only 23% feel highly satisfied with their preparedness, and an equal percentage feel confident in detecting threats. In other words, many business owners recognize the gaps in their knowledge.
Unfortunately, cybercriminals are well aware of these vulnerabilities. With limited budgets and resources, small business owners often juggle multiple roles—including managing their own IT security. One of the biggest challenges they face is ensuring employees take cybersecurity seriously. According to the survey, 73% of business owners struggle to get staff to follow best practices, and only a quarter are confident in their ability to educate employees on cybersecurity.
To strengthen their defenses, small businesses need support. That’s why Mastercard is committed to helping them securely manage payments, access funding, and embrace digital tools while protecting themselves from cyber threats. Since 2020, we’ve helped integrate over 50 million small businesses into the digital economy—but trust is what keeps them there.
As part of our commitment, we are collaborating with cybersecurity experts and investing in solutions that simplify security while enhancing protection. For instance, our My Cyber Risk tool adapts the RiskRecon vulnerability scanner to help small businesses identify and address security threats on their websites and apps.
Additionally, the Mastercard Business Builder program, launched in February, provides credit and debit cards designed specifically for small businesses, bundled with cybersecurity services to safeguard against fraud. One key feature, ID Theft Protection, offers monitoring, alerts, and resolution support to defend against identity fraud.
While identity theft is often associated with individuals, businesses are also at risk. Fraudsters can misuse business credentials to apply for loans, file fraudulent tax returns, or even claim ownership of intellectual property. To combat this, Mastercard is leveraging open finance tools to verify account ownership, authenticate users, and secure financial transactions.
We are also expanding cybersecurity solutions through strategic partnerships. By teaming up with global cyber firm VikingCloud, we combine Mastercard’s advanced risk evaluation tools with VikingCloud’s remediation solutions, benefiting millions of merchants worldwide. Similarly, our partnership with CyberMonks offers a marketplace where businesses can easily find and implement customized cybersecurity strategies.
As technology advances and cyber threats evolve, continuous education is essential. The Mastercard Trust Center provides small business owners with free access to cybersecurity research, tools, and training, developed in collaboration with the Global Cyber Alliance, Cyber Readiness Institute, and National Cybersecurity Alliance.
By working together, we can create a safer digital environment for small businesses. After all, security isn’t just about defense—it’s about fostering trust and enabling growth. With the right protections in place, small businesses can operate with confidence and seize new opportunities without fear.
Today, small businesses are anything but small in their impact. They have long been the backbone of the global economy, and with the rise of digital technology, they are expanding beyond local communities into international markets.
However, this increased digital presence comes with both opportunities and risks. Many small business owners, who once believed they were not targets for cybercriminals, are now facing the harsh reality of cyber threats firsthand.
A soon-to-be-released Mastercard survey of over 5,000 small and medium-sized business (SMB) owners across four continents found that 46% have been victims of cyberattacks. Alarmingly, nearly one in five of those affected were forced to shut down or file for bankruptcy following an attack.
The most common types of cyber threats—hacking, malware, and phishing—inflict significant financial damage. Business operations slow down, revenue is impacted, and reputational harm can last long after the breach. In fact, 80% of affected business owners reported needing to rebuild trust with customers and partners post-attack.
Recognizing the growing risks, cybersecurity is now a top priority for small businesses. According to the survey, 86% of SMBs have conducted cybersecurity risk assessments and implemented security plans. However, only 23% feel highly satisfied with their preparedness, and an equal percentage feel confident in detecting threats. In other words, many business owners recognize the gaps in their knowledge.
Unfortunately, cybercriminals are well aware of these vulnerabilities. With limited budgets and resources, small business owners often juggle multiple roles—including managing their own IT security. One of the biggest challenges they face is ensuring employees take cybersecurity seriously. According to the survey, 73% of business owners struggle to get staff to follow best practices, and only a quarter are confident in their ability to educate employees on cybersecurity.
To strengthen their defenses, small businesses need support. That’s why Mastercard is committed to helping them securely manage payments, access funding, and embrace digital tools while protecting themselves from cyber threats. Since 2020, we’ve helped integrate over 50 million small businesses into the digital economy—but trust is what keeps them there.
As part of our commitment, we are collaborating with cybersecurity experts and investing in solutions that simplify security while enhancing protection. For instance, our My Cyber Risk tool adapts the RiskRecon vulnerability scanner to help small businesses identify and address security threats on their websites and apps.
Additionally, the Mastercard Business Builder program, launched in February, provides credit and debit cards designed specifically for small businesses, bundled with cybersecurity services to safeguard against fraud. One key feature, ID Theft Protection, offers monitoring, alerts, and resolution support to defend against identity fraud.
While identity theft is often associated with individuals, businesses are also at risk. Fraudsters can misuse business credentials to apply for loans, file fraudulent tax returns, or even claim ownership of intellectual property. To combat this, Mastercard is leveraging open finance tools to verify account ownership, authenticate users, and secure financial transactions.
We are also expanding cybersecurity solutions through strategic partnerships. By teaming up with global cyber firm VikingCloud, we combine Mastercard’s advanced risk evaluation tools with VikingCloud’s remediation solutions, benefiting millions of merchants worldwide. Similarly, our partnership with CyberMonks offers a marketplace where businesses can easily find and implement customized cybersecurity strategies.
As technology advances and cyber threats evolve, continuous education is essential. The Mastercard Trust Center provides small business owners with free access to cybersecurity research, tools, and training, developed in collaboration with the Global Cyber Alliance, Cyber Readiness Institute, and National Cybersecurity Alliance.
By working together, we can create a safer digital environment for small businesses. After all, security isn’t just about defense—it’s about fostering trust and enabling growth. With the right protections in place, small businesses can operate with confidence and seize new opportunities without fear.