In today’s hyper-connected world, cyberattacks are no longer rare, distant events that only hit global corporations. They are daily realities. Just ask Jaguar Land Rover in Europe, which recently shut down entire factories after a cyber breach, costing the company millions of pounds per week and shaking its entire supply chain.

Closer to home, Fortinet’s latest annual report revealed that Jamaica alone faced 34 million cyberattack attempts in the past year. That’s not a typo.

For micro, small, and medium-sized enterprises (MSMEs) in Jamaica and the Caribbean, this should not feel like somebody else’s problem. The risks and the potential costs are just as real, if not more severe.

Cyberattacks Are Big Business

Hackers today don’t look like hooded teenagers of Hollywood movies. They are organised, professionalised, and often operate like businesses themselves. Many are part of criminal groups with dedicated teams for customer service, negotiation, and even marketing. Their motive is simple: money.

The Caribbean has become an attractive target because many local businesses have weaker defences, limited budgets, and high-value data, from financial records to customer information. Criminals don’t care if your business has 10 employees or 10,000. If they can lock you out of your systems and demand a ransom, they will.

Why MSMEs Are at Risk

Large corporations may make the headlines, but smaller businesses often suffer more when they are hit. Here’s why:

1) Limited resources: Few MSMEs have a dedicated IT department, much less a cybersecurity officer.

2) Thin margins: A single week of downtime could mean lost contracts, delayed shipments, or missed payroll.

3) Reputation risk: Customers are quick to lose trust if their personal data is leaked. Rebuilding that reputation can take years.

4) Regulatory exposure: With Jamaica’s Data Protection Act now in force, businesses face legal obligations to report breaches and safeguard customer data. Non-compliance can lead to fines and sanctions.

The Cost of Doing Nothing

Let’s return to the Jaguar Land Rover situation. Their shutdown is estimated to cost around £50 million per week. Now scale that down to our context. Imagine a local manufacturer in Kingston hit by ransomware. Production halts. Orders pile up. Customers turn to competitors. Staff can’t work because the systems are offline. Even if the company refuses to pay ransom, the downtime alone could bleed it dry.

And there are other hidden costs:

• Data recovery and forensic investigations

• Legal and regulatory fines

• Increased insurance premiums

• Permanent loss of business partners or contracts

For an MSME, a single major incident could be the difference between growth and closure.

Lessons for the Caribbean

The Caribbean has its own unique vulnerabilities. Many businesses rely heavily on cloud-based services without strong backup strategies. Internet connections can be unreliable, making resilience planning even more crucial. Add to that our growing dependence on e-commerce, online banking, and digital government services, and you see how a cyberattack can quickly become a national or regional problem.

The 34 million cyberattack attempts against Jamaica reported by Fortinet are not random noise. They are signals. Criminals are probing, testing, and looking for weak spots every single day.

Practical Steps MSMEs Can Take

The good news is that cybersecurity doesn’t have to break the bank. It requires planning, awareness, and steady investment — not extravagance. Here are a few actionable steps for MSMEs:

• Start with training. Employees are often the weakest link. Regular awareness sessions about phishing e-mail, suspicious links, and password hygiene can block many attacks before they start.

• Use strong authentication. Multi-factor authentication is a simple, low-cost tool that makes it harder for attackers to break into accounts.

• Back up your data. Store backups offline or in a secure cloud. Test them regularly. A backup is useless if it doesn’t work when you need it.

• Patch and update. Outdated systems and unpatched software are wide open doors for hackers.

• Have an incident response plan. Even a simple playbook — who to call, how to isolate systems, how to notify customers — can save precious time during a crisis.

• Seek managed services. If hiring a full-time IT team is unrealistic, consider managed security service providers. They offer affordable, scalable protection that grows with your business.

Cybersecurity as a Business Enabler

Too often business owners see cybersecurity as a cost. In reality, it is an enabler. A company that can demonstrate strong data protection practices gains trust with clients, partners, and regulators. It can compete for larger contracts, especially with international firms that demand compliance.

Think of cybersecurity as insurance for your reputation and continuity. Just as you wouldn’t drive without brakes, you shouldn’t operate in today’s digital economy without basic cyber safeguards.

The Road Ahead

Cyberattacks will continue to rise, and the Caribbean will remain a target. The difference between resilience and ruin lies in preparation. For MSMEs, the question is not if you will face an attack attempt, but when.

Jaguar Land Rover’s billions in losses might seem distant, but the principle is the same for a Jamaican retailer, a hotel in Montego Bay, or a manufacturer in Port-of-Spain. A cyberattack can stop you in your tracks, damage your reputation, and drain your finances.

Investing in cybersecurity today is investing in survival and growth tomorrow. The message for MSMEs is clear: don’t wait to be the next headline.

Trevor Forrest

— Trevor Forrest is chairman and CEO of Lignum Security Limited, a provider of cybersecurity solutions and consulting services. Send feedback to trevorforrest@lignumsecurity.com.