Cyber Security Threats For Small Businesses – According to a 2019 Federation for Small Business (FSB) report, 20% of small businesses say they have been a victim of cybercrime. The report found that a single cyber attack costs small businesses £1,300.
It’s easy to make accusations about cybersecurity if you’ve just been attacked. But you should be prepared according to the situation. Not only can attacks disrupt and inconvenience your business, but you can lose money, have important information and data stolen. It can also have a lasting impact on your reputation – customers can lose faith in your business.
Cyber Security Threats For Small Businesses
The easiest way businesses can help themselves is to install and regularly update security software. But you can do more. We’re sharing ten cybersecurity tips to protect your business from growing cyber threats.
Benefits Of Cyber Security: Advantages For Businesses
Before you can defend against any cyber attack, you must know what you are up against. Three common security threats include phishing, malware and weak passwords.
Phishing is a ploy to get you to download viruses or software such as spyware or malware onto your electronic devices. The scammer often creates a credible email or text message with a link that, when clicked, will download the virus to your device – a process known as a drive-by download.
Where phishing is the process of getting information, malware is what you want to download. Malware, short for malicious software, is software that can harm your business when downloaded. Computer equipment infected by it can be expensive to repair, and if data is accessed, it can put your employees and customers at risk.
Want some shocking password statistics? According to Dataprot, 57% of people scammed by phishing attacks still haven’t changed their passwords, and 23 million account holders have the password ‘123456’. These statistics are alarming, but the good news is that if you have weak passwords, you can quickly fix them.
Top 10 Cybersecurity Tips For Small Businesses
This is one of the easiest ways to protect your company’s devices from cyber attacks. But don’t just install antivirus software on your desktop computers; You must ensure that any equipment you use for work is safe.
You may be offered a free trial or discount for antivirus software when you purchase new devices.
Consider purchasing an auto-renewable subscription, so you don’t have to remember to renew manually. Otherwise, it may leave your devices exposed.
According to this report, by July 2021, 94% of organizations experienced an internal data breach in the past year. Human error is always possible in business – we are human after all. But when it comes to poor protocol education, there is no excuse.
Cybersecurity In Small Businesses: 5 Major Threats, Expenses
Employees should receive training on how to spot phishing emails and the process for reporting such threats internally. You should train employees not to download third-party apps on company-provided mobile devices unless they come from manufacturer-approved platforms, including the Google Play Store and the App Store from Apple.
Dangerous update notifications on Windows may scream inwardly, but they are there to close security holes and protect your computer from viruses. You should always take the time to update all your devices when prompted. When updates are no longer available, you should consider replacing the product with the latest version from the manufacturer.
Not only does it make sense to do so in the event of a fire or theft, but keeping data backups separate from your main computer reduces the risk of infection if ransomware infiltrates connected devices. Your backup should not be accessible to staff members, and consider saving your backup to a USB stick or a separate device.
If you don’t want to carry around USB sticks and different devices, you can store your important data in the cloud. When a service provider stores your data on its own infrastructure, it is usually at a high level of security. This means you can store your data in a separate location.
How Small Businesses Can Protect Themselves From Cyberattacks
Providers often allow you to keep a certain amount for free, and then you can pay to increase that storage space if or when you need it. For the protection you get, you pay less to protect your business.
To prevent infected USB sticks from being plugged into any computer, you’ll want to authorize only authorized users. You can physically block USB ports for most of your employees and allow only authorized USB sticks and memory cards into your organization. It only takes one infected stick to bring down your entire business.
Not only should you always use password protection, but you should change your passwords regularly – it’s a simple yet effective way to protect your company’s data. Some companies require password changes every 30, 60 or 90 days. How often you implement password changes depends on how often users access the account or how sensitive the data is on a particular platform or software.
51% of people use the same password for both work and personal accounts, so you may want to implement this password rule without delay.
Pdf) Information Security Threats And Practices In Small Businesses
Simply put, firewalls prevent attackers from gaining access to sensitive internal data such as customer databases and employee information — and you don’t want that data to fall into the wrong hands. By keeping the firewall always on, it can detect and stop threats before they do any damage.
A firewall prevents hackers from accessing your data, keyloggers (software that records all the keystrokes a user makes), Trojan attacks (small pieces of code attached to your files that collect information about your server), and more. prevents from doing
If you have traveling salespeople armed with smartphones or tablets at work, all it takes is for someone to leave the device on the bus or steal it from their home, and be ready to take company data.
In these cases, you want to be able to track the device, lock it remotely and delete the stored data. Make sure all remote devices are equipped with these tools to protect them if the worst happens.
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You should always use two-factor authentication for your most important accounts. This double verification process makes it harder for criminals to hack your device – you’re essentially adjusting the security of these accounts. It’s relatively easy to set up – not too much effort for an extra layer of security.
Think of cyber insurance as your SME business insurance policy. Hiscox offers cyber and data risk insurance to support businesses in the event of a data breach or malicious cyber hack.
Government-sponsored Cyber Essentials Certificate helps protect your small business from various cyber attacks
Simon has over twelve years of experience in consumer and commercial finance. Simon is co-founder and director and leads the technology team, leveraging the latest technology to help our clients get financing quickly.
Top 3 Cybersecurity Threats For Small Businesses In 2023
According to Paycheck’s latest Small Business Snapshot, 68 percent of small business owners are not worried about their business being hacked.
The same survey found that 90 percent of small business owners are at least confident that their business can recover from a hack if it happens. According to the National Cyber Security Alliance, more than 70 percent of cyber attacks target small businesses, and the cost of recovery can be enough to put an organization out of business permanently.
“Small businesses are particularly vulnerable because they often have richer data sets than the average consumer, but typically lack the protections that most Big businesses have,” said Todd Colvin, executive director of data systems and security at Paychecks. “National Cyber Security Awareness Month is a good time for small businesses to assess their current cyber risk tolerance and determine whether they have implemented an adequate level of cybersecurity protection in their organization. Comprehensive Cyber Security Protection Smaller, smaller businesses will be better served by adopting basic computer hygiene practices.” – By implementing a documented data security policy, reasonable access restrictions, robust logging and review, device and application maintenance – year-round.
Pdf) A Survey On The Cyber Security Of Small To Medium Businesses: Challenges, Research Focus And Recommendations
Most respondents to the Paychecks survey expressed some fear
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