Small business is the engine of the economy. However, as in any competitive environment, to stay afloat, small businesses, in addition to offering quality goods and services, need to ensure the security of their IT environment. There is more than enough reason to be concerned: according to the latest Verizon data, 43% of cyberattacks target small companies. That means the risk of small businesses falling victim to cybercriminals is one in two.
But how do you protect your company from threats if your budget is limited? The answer lies in the use of modern cybersecurity tools such as threat intelligence platform. In this article, we’ll explain how to protect your business to stay one step ahead of attackers.
Why small businesses are an easy target for cybercriminals
A common misconception among small business owners is that their small business is of no interest to hackers — this is a dangerous misconception. Why this is the case. The reason SMBs are attractive to hacker attacks is because of a lack of resources. And because of this, small companies don’t have the IT department or the funds to purchase and implement adequate security measures like large corporations do. Therefore, they remain vulnerable to phishing, malware and weak passwords — the most common forms of cyberattacks.
However, there is no company, even the smallest, that cannot defend itself against a cyberattack. Any business can take basic measures that include installing a comprehensive antivirus program, creating complex passwords, and regularly updating operating systems and applications. You can also hire third-party cybersecurity specialists to conduct an audit and develop a customized protection plan, like the experts from ImmuniWeb.
Remember: even the most basic security measures can significantly reduce the risk of cyberattacks. Studies show that two-factor authentication, for example, can reduce the likelihood of an account being compromised by 80%.
Alternatives for small businesses with extremely limited budgets:
- Free services: There are many free antivirus tools and vulnerability scanners available.
- Cloud alternatives: Most modern cloud services are equipped with security measures that include data encryption and protection against DDoS attacks.
While small businesses are a tempting target for cybercriminals, the potential risks can be significantly mitigated, thereby protecting companies from financial and image losses, simply by implementing appropriate security measures.
- Major cyber threats to small businesses
One of the most common methods of cyberattacks on small businesses is phishing. According to recent data, 90% of all cyberattacks start with a phishing email.
- Phishing
Hackers send emails on behalf of banking institutions, courier services, etc., to trick employees into providing sensitive information, such as a password or credit card number. Unsuspecting employees may click on a malicious link or open a file. This eventually leads to a computer infection or a leak of confidential information.
- Weak password
The use of weak passwords is a fairly common security problem. Simple words or a simple sequence of numbers often become a password, even for multiple accounts. Cracking such passwords with software is not a concern.
- Outdated software
Regular software updates eliminate all identified vulnerabilities, so using outdated software is like inviting a thief into your home through the front door. Attackers won’t be kept waiting, they are sure to exploit your vulnerability to infiltrate the system and gain access to your data.
- Human factor
Usually, due to lack of cybersecurity knowledge, employees unknowingly cause cyber incidents. For example, by opening a phishing email, installing an application with malicious code, or sending sensitive information over an open communication channel.
How to protect yourself?
- Employee awareness: Conduct regular training sessions for employees to increase their awareness of cyber threats and security practices.
- Regular updates: Set up automatic updates to your operating system, installed applications and antivirus programs.
- Complex passwords: Ensure employees use unique and complex passwords for all their accounts. You can use password managers to store them securely.
- Backups: Back up your data regularly so that you can restore it if necessary.
Cyber threats are a reality that all companies, regardless of size, face. However, by applying some basic and effective security measures, you can significantly reduce risks and protect your business.
Practical steps to protect your business
Providing cybersecurity for small businesses can’t be too complicated or expensive. In fact even small companies can take some steps to protect their data and reputation. Let’s highlight a number of practical steps that can help you improve the security of your business.
1. Create a simple security policy for your organization
A security policy is a must, it is what defines the cybersecurity parameters for any organization; the criteria and configuration of security depends on the application industry, business size and budget. Here are the common aspects for all from industry leader ImmuniWeb:
- Identify the critical assets that enforce the security keys. What critical data and systems need to be protected to meet organizational goals, i.e., to sustain the business?
- Establish access control rules. Who is authorized and has access to certain information and resources? Define accessibility roles and competencies.
- Create an incident response plan. Develop clear and concise behavioral algorithms for employees on suspicious incidents, such as receiving phishing emails or when unauthorized network activity is detected, and the steps they should take.
- Provide employee training. There are platforms that provide specialized cybersecurity knowledge in the form of online training.
2. Utilize threat intelligence tools
Subscribe to a threat intelligence service as they keep you informed about the latest risks and vulnerabilities. Platforms, such as threat intelligence instruments, predict threats before they occur. They use data and algorithms to alert you to suspicious activity, which helps prevent phishing or malware threats.
3. Evaluate your systems periodically
You should perform regular security audits to assess the operational status of your security systems. Don’t forget to keep your operating system, applications, and antivirus up to date. It is important to make malware scanning on all devices a regular practice.
Cyberattacks can not only hit your pocketbook, but can also significantly damage a company’s reputation. Many industries like finance, healthcare, and education are subject to strict requirements regarding the protection of sensitive data, and the subsequent fines and lawsuits can bankrupt even the most powerful companies.
In today’s world, cybersecurity is an integral part of every business. Even small businesses can protect themselves from cyberattacks with affordable and effective measures. By adopting simple security practices, you can reduce your risks and protect your business.
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Conclusion
Cyber threats are a reality that every business, regardless of size, faces. Small businesses, often due to lack of resources, become the easiest target for cyber criminals. However, simple and easy steps can reduce risks and protect your business.
For example, employee training, strong passwords, software updates and risk assessments are some things you can do today. Modern technology can streamline many cyber defense processes and make them applicable to companies of all sizes. Don’t let cyber threats hinder your business growth! Protect your company with simple and effective ways of what threat monitoring platform.
