The United States Small Business Administration (SBA) will host its Small Business Cyber Summit on October 16 and 23. This is the third annual event, and the Administration says it will "rally cyber nerds and business moguls to protect entrepreneurs from escalating attacks.”

As part of Cybersecurity Awareness Month, the event series aims to equip the nation’s small businesses with tools and resources they can use to bolster their cybersecurity infrastructures. It will include hands-on advice, interactive forensic assessments, and cyber-expert panelists, who will discuss local and federal resources available to small businesses.

“The rapidly changing landscape of the>digital world poses new and evolving risks for small businesses," commented Acting Associate Administrator for SBA’s Office of Entrepreneurial Development Aditi Dussault. "Fortunately, the SBA is poised to assist small businesses in preparing robust defenses to overcome these challenges and avoid costly disruptions.”

“The SBA’s Small Business Cyber Summit is designed to provide entrepreneurs with the expertise and resources necessary to ensure they are fully equipped to face these vexatious threats," Dussault added. "During the summit, we will feature a wide range of tools, resources, and programming from SBA’s network of trusted experts, federal and state government partners, and other innovators across multiple industrial sectors.”

The Administration noted that small businesses are attractive targets because they have information that cybercriminals want, and they generally don’t have the security infrastructure of larger businesses. This summit gives business owners a chance to better thwart such attacks.

The SBA cited a report from the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3), indicating that the cost of cybercrimes against the small business community reached $4.57 billion in 2023, which was an increase of 38 percent from the previous year.

Here’s a look at the top cyber-crime types over the past five years, according to that report:

According to the report, the IC3 received 2,825 complaints identified as ransomware with adjusted losses of more than $59.6 million in 2023. It received 1,193 complaints from 16 critical infrastructure sectors.

Meanwhile, other threats, such as artificial intelligence fraud and crypto scams, continue to become more prevalent. Businesses must remain vigilant in protecting themselves from all types of threats. The SBA’s summit should better equip them to do just that.

"Surveys have shown that many small business owners feel their businesses are vulnerable to a cyberattack," the Administration said in a press release. "Yet many businesses cannot afford professional IT solutions, have limited time to devote to cybersecurity, or do not know where to begin. The 3rd Annual SBA Cyber Summit will address these formidable challenges with turnkey solutions."

Participants will be able to network and access practical tips and problem-solving strategies, as well as learn about industry trends and threat avoidance, and hear small business testimonials they’ll be able to learn from when it comes to defending themselves against cyberattacks.