Article Summary
Cyberattacks against small businesses are increasing in frequency and sophistication. Small businesses should make security a top priority in the company. It is vital to keep employees informed of security policies and best practices. This article shares current trends and strategies that can be implemented quickly to reduce the risk of a cyberattack.
Cybersecurity Threats and Trends Impacting Small Businesses
Unfortunately, most small business owners don’t see the requirement to protect their businesses from cyber threats with cybersecurity plans, strategies, or employee training. As a result, small companies continue to be attractive targets for theft.
Today, the threats that cybercriminals are using to get our personal and business data are growing and becoming more sophisticated. Data breaches can have devastating results, including brand/reputational damage, industrial espionage, intellectual property theft, and financial damage. Ransomware and malware attacks have increased by 435%.
Yet, many small businesses are still not taking the threat seriously. The video below is an example of how vulnerabilities in the software used in your business can be a entry point for bad actors.
Because of the increasing prevalence of cybersecurity attacks, protecting business networks is more significant than ever. Increasingly, small and medium-sized enterprises (SMEs) are adopting remote working practices and shifting their operations online. In turn, this gives cyber criminals more room to practice their trade.
Unfortunately, some SMEs underestimate the level of security their vendors can offer. For example, many small businesses overlook the terms of service. There may be security gaps by using cloud platforms, Internet Service Providers (ISP), application software, internet browsers, antivirus software, and operating systems. Business owners assume the cybersecurity practices of the provider are adequate. Consequently, they can become a cyberattack victim because they are not protected.
One way to protect against cyberattacks is to implement incident response plans. A basic cybersecurity plan can include strong passwords, login credentials, multi-factor authentication, restricting wireless access, and employee training. According to one study, a quarter of 417 small businesses reported experiencing a data breach in the past year. Another study found that 54% of small businesses had a data breach in the last one to two years. These breaches led many companies to incur new debt or use existing loans to cover remediation costs.
A key concern for small businesses is phishing emails, also known as business email compromise (i.e., social engineering attacks). Phishing scams involve a cybercriminal posing as an official representative of a legitimate company or individual. Due to the high costs associated with cyber defense, small businesses are especially vulnerable. Employees are commonly the target of phishing attacks and the gateway into your company with malicious software.
Another growing risk is mobile device vulnerability. More employees work remotely and use personal devices to connect to company networks. These mobile devices often lack security software, making them easier to attack—hackers can steal sensitive information from business computers and mobile devices. As a result, companies must provide remote device security and protection for employees who use their home computers.
Common Cybersecurity Threats
Cybersecurity threats for small businesses are an ongoing concern. While foreign government-sponsored attacks continue to gain attention, independent groups and unauthorized individuals are becoming increasingly adept at initiating cyberattacks. Knowing how to protect your company from these attacks is key to minimizing the damage and preventing attacks altogether. The Small Business Administration recently released data on the number of cyberattacks that have targeted small businesses.
Although many smaller businesses do not consider themselves targets of cybercriminals, they are still vulnerable. SMEs typically lack the budget and IT expertise to hire dedicated IT personnel. Choosing a managed IT service provider can give you access to expert IT experts with full-time availability.
Small businesses are also often unable to detect threats quickly and may lack a backup plan. Small companies may unknowingly help cybercriminals attack them by sharing passwords and other information with outside parties. To avoid this, employees must be vigilant concerning emails and social engineering calls, emails, and requests for their login credentials or credit card information.
The most common cyberattack on small businesses is phishing. It starts with an email that pretends to be a trusted source to trick people into clicking a malicious link. Once clicked, the malware will infect the device and steal important information from the system.
There are also a variety of viruses that attack computers and take over networks. A common type of cyberattack is ransomware. This attack can hold a computer hostage until payment of a ransom.
Small businesses should make security a top priority in the company. It is vital to keep employees informed of security policies and best practices. Cybersecurity incidents and security breaches can result in massive revenue loss or lawsuits.
In addition to affecting your business operations, cyberattacks can damage customer relationships. Maintaining customer trust is essential for preserving relationships and protecting your brand. Customers look for trusted companies that protect their data and conduct secure transactions.
Cyberattacks against small businesses are increasing in frequency and sophistication. According to a recent study:
- Security breaches, on average, cost companies $200,000
- Over 50% of all small businesses experienced some cyber security threat or incident within the past two years.
- 60% of SMEs go out of business within 6 – 12 months after an attack
- Senior decision-makers at small organizations continue to believe that they are unlikely targets of cybercriminals, according to 66% of them.
- Similarly, 60% of respondents had no digital defense strategy, highlighting the need for increased industry awareness and education.
Small businesses lack the resources to protect their systems from attacks and are, therefore, prime targets for cybercriminals. Therefore, small businesses must educate themselves about cybersecurity threats and implement effective measures.
Cybersecurity Mitigation Strategies
Cyberattacks are the most common way to disrupt a small business. While these attacks are costly and time-consuming, they are also preventable. Many breaches occur due to employee error, and by providing employees with security awareness training, you can minimize security gaps and data breaches. However, security flaws in the software used by small businesses daily are also an underestimated risk.
Cyber-attacks can harm your company’s reputation and value, resulting in negative media coverage that can severely hurt your business. The problem is that most small businesses are under-equipped to deal with the fallout from a major cyber-attack. In addition, a data breach can cause your online operations to halt, and attackers can use Denial-of-Service (DDoS) attacks to cripple your business’s infrastructure.
If you cannot fix this problem, your customers may look for similar products or services on other platforms. Here is a video discussing several cases of ransomware:
Hiring a managed service provider is an under-utilized approach to improving your cybersecurity profile. An IT support partner is less expensive and more efficient than hiring a full-time employee. These companies offer a platform for remote management of your IT infrastructure. These companies have IT support specialists who are happy to answer your questions.
Small businesses are particularly susceptible to security threats, and as many as 43% of cyberattacks occur against small businesses. A trustworthy cybersecurity strategy is crucial to your business’s reputation. Customers will appreciate your attention to security, which can boost revenue. Cybersecurity can be expensive, depending on your approach, but it’s worth the effort. Contact us for a Free Cybersecurity Audit.
Cybersecurity Training for Employees
Cyber attacks are becoming increasingly sophisticated, and SMBs must protect their network against them. To combat these attacks, SMBs can use training to give employees the skills and knowledge to defend the office’s internal network. Small businesses can also use security assessments to identify weak points in their security. In addition, these assessments can identify weaknesses in staff members’ knowledge.
SMEs can receive cybersecurity training from local organizations and educational institutions. Typical courses teach small business owners how to protect their data, recognize problems, and respond to them. In addition, many of these programs include discussions on protecting employee information and other company assets.
Small businesses are particularly vulnerable to hackers, and many companies don’t understand how to protect themselves. While cybercriminals primarily focus on larger companies, small businesses are a valuable target for them. Many small businesses cannot afford to employ a professional IT team and have limited time to implement cybersecurity solutions.
In addition, software and hardware training programs for employees on how to use the internet and keep personal information confidential are essential to preventing data breaches. Most data breaches in small businesses result from employee misuse of their passwords. Employees are the primary route to a system. Training employees on the internet safety and best practices will prevent these attacks.
While many small business owners do not provide security training for employees, decision-makers should still invest in cybersecurity training to make informed decisions. Cybersecurity training for small businesses should be on-demand and convenient.
Small business owners should also learn about cyber risk to guide their implementation of security strategies, business practices, and justify security expenditures. There are several definitions of risk, and understanding the different types of cyber risks can help you make intelligent decisions about where to invest in cybersecurity.
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