In our digital age, robust cybersecurity is not a luxury but a necessity. Cyberattacks can result in the loss of personal information, financial resources, and access to essential services. Because Latino communities often have relatively limited access to technology and digital literacy resources, Latino families and small businesses are particularly vulnerable to cyber threats.

Small businesses, including those within the Latino community, are vital to our economy. According to the Stanford Latino Entrepreneurship report released earlier this year, Latino-owned businesses contribute more than $800 billion to the U.S. economy every year. In fact, Latinos are far more likely to start new businesses than other Americans—according to one estimate, 83 percent of new businesses in the U.S. are started by Latino entrepreneurs.

Technology is an important factor in businesses’ ability to attract new customers and manage growth. However, as Axios has noted, “Latinos and other communities of color have long struggled to access capital at the same rates their white counterparts do.” With fewer financial resources and a smaller margin for error, Latino communities and businesses have a reduced capacity to absorb the financial and operational shocks from cyber incidents, and therefore can face significant challenges in recovering from such attacks.

Small businesses are often targets; 43 percent of all cyberattacks were against small businesses, according to a report published late last year. The U.S. National Cyber Security Alliance reports that 60% of small businesses close within six months of a cyberattack. This alarming statistic underscores the severe impact of cyber threats on businesses with limited resources.

Cybersecurity is integral to the social and economic well-being of our society. Ensuring that the Latino community and small businesses are well-protected and capable of effectively recovering from cyber threats is crucial for their continued success and resilience in an increasingly digital world.

Public-private partnerships are crucial for effective cybersecurity. Information sharing and collaboration between the government and private sector can help address and mitigate cyber threats. The federal government has an important role to play. The Small Business Cybersecurity Corner operated by the National Institute of Standards and Technology offers guidance and training to small business owners.

Organizations like the United States Hispanic Chamber of Commerce (USHCC) play a crucial role in addressing these challenges. By advocating for the Latino business community and providing targeted resources and support, the USHCC helps businesses navigate and mitigate cybersecurity risks. Leveraging such resources can significantly bolster the defenses of Latino small businesses, enhancing their ability to protect against and recover from cyber threats.

In addition, organizations like Latinas in Cyber are creating opportunities to expand Latina participation in an industry in which they are underrepresented.

We all can play a role. ALLvanza and its partners will continue to educate the Latino and small business community on how to protect themselves and their companies by sharing information about useful resources. For example, the Global Cyber Alliance offers a Cybersecurity Toolkit for small businesses that is available in English and Spanish.

ALLvanza and our partners are committed to ensuring that the benefits and opportunities created by technological innovation are available to all communities, and that means all communities must have the knowledge and resources to protect themselves from threats that arise in the digital environment. Prioritizing cybersecurity is vital for protecting the Latino community and small businesses, ensuring their continued success and growth in our digital world. And we can achieve this through collaborative efforts that promote education, sharing tools and resources, raising awareness, and advocating for affordable solutions and the implementation of robust security measures.