Sophisticated cyber-attacks orchestrated by criminals can result in extensive and costly business recovery efforts. However, it is frequently the lax implementation of cybersecurity practices that serves as the primary enabler of most breaches. This is particularly evident in the case of small and mid-sized businesses (SMBs), where limited technology budgets compel business owners to prioritize other aspects over robust cybersecurity measures. Hackers are keenly aware of the minimal information security practices adopted by SMBs, which are often limited to basic antivirus solutions, making small businesses attractive targets for cyber threats.
Over fifty percent of SMBs have been victims of severe cyber-attacks between 2020 and 2023. More than 60% of them go out of business afterward. Contrary to popular belief, cybersecurity doesn’t have to come with a hefty price tag. What might be even more surprising is that, despite common assumptions, most data breaches stem from human error. The positive aspect of this? It implies that enhancing cyber hygiene can significantly decrease the likelihood of succumbing to a cyber-attack.
To address an issue, you need to first identify the problem. Below are some of the biggest reasons small businesses fall victim to cyberattacks. Read on to see if any of this sounds familiar around your company, and what we can do to help.
One of the biggest cyber security mistakes of SMBs is underestimating the threat landscape. Many business owners assume that their company is too small to be a worthwhile target; but this is a dangerous misconception, as hackers see small businesses as easy targets, believing the company lacks the resources or expertise to defend against attacks.
It’s important to realize that no business is too small for cybercriminals to target. Taking a proactive approach to cybersecurity is crucial because it can mean the difference between keeping sensitive data safe (like customer information, financial records, and intellectual property) and dealing with the aftermath of a cyber incident, which can be significantly more expensive.
Recovering from a data breach—covering legal fees, fines, and lasting damage to reputation—can be a substantial cost. So, investing in proactive measures is not just a good idea; it’s necessary in today’s online world.
When was the last time your team received cybersecurity training? It’s a common oversight for small businesses, with owners assuming that caution online comes naturally. However, the human factor introduces significant security vulnerabilities. Employees might unknowingly click on harmful links or download infected files, disguised as legitimate attachments.
Empower your team through our MSP services. Our cybersecurity training ensures they can:
In the absence of proper training, employees may not know how to respond effectively to a cybersecurity incident, potentially exacerbating the cost and impact of an attack, and delaying recovery efforts.
In small companies, a prevalent security weakness often revolves around the use of weak passwords. Many employees unknowingly choose passwords that are easily guessable, and the habit of reusing the same password across multiple accounts is all too common. Unfortunately, this practice can inadvertently expose your company’s sensitive information to the ever-looming threat of hackers.
People reuse passwords 64% of the time.
Strengthening your defense against such vulnerabilities is not just advisable but crucial. Professional implementation of Multi-Factor Authentication (MFA) and conditional access policies is a solid approach at strengthening your company’s security posture. MFA adds an extra layer of protection by requiring users to verify their identity through multiple verification methods. Conditional access policies, on the other hand, intelligently control access based on specific conditions, such as location and device usage, providing a dynamic and adaptive security approach.
Not sure where to start? We’ve got you covered with a free cyber security consultation.
Forgetting to update your computer software and operating systems is another way small businesses can leave themselves open to attacks. Cybercriminals love to sneak into systems through known gaps in outdated software. So, if your computer programs, web browser, and business hardware are not regularly updated, it’s like leaving the front door unlocked for all to enter.
By ensuring that all software and hardware components remain up to date, businesses not only fortify their defense against potential cyber threats but also demonstrate a commitment to maintaining a secure digital environment to their partners, customers, and stakeholders.
In the realm of common pitfalls for small business owners, the absence of formal data backup and recovery plans often takes center stage. There’s a prevailing misconception that data loss is an issue reserved for larger enterprises, leaving small companies vulnerable to serious risks. The reality is that data loss can strike for various reasons, be it a cyberattack, hardware failure, natural catastrophy, or a simple human error.
Safeguarding your business against such risks requires a proactive approach. Regularly backing up your company’s critical data is not just a good practice; it’s a crucial step in ensuring your business’s resilience. But the key doesn’t stop at creating backups; it extends to testing them to guarantee successful restoration in the event of a data loss incident. It’s a small investment of time that can save your business from significant headaches down the road.
In many small businesses, the absence of well-defined policies and procedures is a common challenge. The lack of clear and enforceable security guidelines leaves employees in the dark about crucial information—such as the proper handling of sensitive data, secure usage of company devices, and how to respond effectively to security incidents.
To bridge this gap, we encourage small businesses to establish, communicate, and enforce formal security policies and procedures. These guidelines should encompass essential aspects such as password management, proper data handling practices, incident reporting protocols, security measures for remote work, and various other critical security topics. Implementing and communicating these policies not only fortify the organization’s security posture but also empower employees with the knowledge needed to contribute to a secure working environment.
In today’s workforce where mobile devices play an increasingly integral role, prioritizing mobile security becomes paramount. Unfortunately, this crucial aspect of cyber security is frequently overlooked by many small companies.
To bridge the gap, CloudByte Group has fortified several businesses through the use of Mobile Device Management (MDM) solutions. MDM solutions act as vigilant gatekeepers, enforcing robust security policies on both company-owned and employee-owned devices used for work-related activities.
Embracing MDM is a game-changer for SMB’s, enabling business owners to ensure robust security for cell phones in the workplace, mitigating the risk of data breaches and unauthorized access. This proactive approach streamlines device management, facilitating efficient updates and compliance enforcement. Centralized control ultimately fosters a secure, organized, and productive mobile work environment.
SMBs typically lack an in-house IT team to actively monitor their networks, applications, and user activity for potential security threats, leading to delays or blind spots in detecting breaches.
You can optimize your security posture by incorporating specialized network monitoring tools or considering the option of outsourcing this critical function to an MSP like ours. Doing so empowers your business to swiftly and proactively identify and respond to potential threats, before they impact your operations.
In the face of a cybersecurity incident, SMBs without an incident response plan may panic or respond ineffectively. This is often the case when businesses are held hostage as part of a ransomware attack by hackers, aiming to extort funds and sensitive information out of them.
Develop a comprehensive incident response plan. One that outlines the steps to take when a security incident occurs. This should include communication plans, isolation procedures, and a clear chain of command.
Lastly, as per the new SEC ruling, companies must report “material” cybersecurity incidents on a Form 8-K within four business days of materiality determination, inclusive of the nature, scope, and timing of the incident and the material impact or reasonably likely material impact on the registrant.
In a landscape of constantly evolving cyber threats and emerging attack techniques, small businesses can find it challenging to stay abreast of the latest security measures. Despite this, the perception that they are “too small” often dissuades them from investing in managed IT services.
It’s crucial to debunk this misconception. Managed services cater to businesses of all sizes, including budget-friendly options tailored for small and medium-sized enterprises. Engaging with an MSP not only safeguards your business from cyber threats but also proves cost-effective by optimizing your entire IT infrastructure.
Don’t risk losing your business because of a cyberattack. Managed IT services can be more affordable for your small business than you think and end up saving you time and headaches. Explore additional benefits of partnering with CloudByte Group.
Article references used with permission from The Technology Press.
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