Nearly all SMBs around the globe are internet-dependent. Cyberattacks are making headlines daily. Small and medium-sized business owners (SMBs), need to recognize that cyber risk is a business risk. Although headlines often focus on large corporations or household brands, cyberattacks on small and medium-sized companies are increasing. Ponemon Institute’s recent Global State of Cybersecurity in Small and Medium-Sized Business Report found that nearly two-thirds of small business had been the victim of a cyberattack in just the past 12 months. This number rises to 76% in the United States, a 20 percent increase over three years ago.
These attacks can have severe consequences for businesses, including data loss, employee downtime, and the cost of restoring operations. Data breaches can cause reputation damage, legal damage and financial loss. A single data breach costs SMBs an average of $149,000. An attack on a small business can be fatal for those with limited resources. According to reports, 60% of small businesses have had to close down after a cyberattack.
Cybersecurity For Small Businesses
Every small business owner can take proactive measures to identify potential threats and protect company data with the help of a cyber security company. Cyber risk should not be considered a problem only for IT departments. It must also be considered as one of the most dangerous sources of risk to an SMB.
Security should be a top business priority.
A recent survey from the U.S. Small Business Administration found that 88% of small-business owners think their business is at risk of being cyberattacked. This is not surprising, given that many companies had to quickly adapt to a remote working environment due to the pandemic. Many organizations did not have the necessary cybersecurity infrastructure or training to deal with the increased risk. A recent survey of cybersecurity professionals at U.S. companies found that 20% of respondents said they had suffered a security breach due to remote workers.
Cyberattacks are becoming more common and targeted. SMB owners need to understand their business’ vulnerabilities and the resources available to them to prevent, detect, and respond to such attacks. Cybersecurity & Infrastructure Security Agency, a U.S. federal agency, assists SMBs in developing and deploying a customized cybersecurity program by providing best practices, self-assessments and a roadmap of resources. SMBs can be exposed to a wide range of cyber vulnerabilities if they don’t manage them.
Inform employees about cybersecurity.
Business owners need to raise awareness about the risks and take steps to mitigate them as part of their cybersecurity program. It’s more than just a technical conversation. It’s a strategic conversation. Employees are often the first line of defense. They can help a company with its cybersecurity efforts in many ways.
* Install software patches and updates immediately: These patches and operating system updates are essential to protect company assets.
* Protect passwords from disclosure with strong passwords: As more people work remotely and use personal devices for work, it is important that employees keep their personal and work passwords separated to minimize the chance of someone gaining unauthorized access to company data and systems. Global State of Cybersecurity in Small and Medium-Sized Business Report: 70% of SMBs reported that passwords of their employees were lost or stolen in the last year.
* Identify suspicious activity such as emails or website links coming from unknown sources. The same report found that 57% of SMB attacks were sophisticated phishing attacks. SMB owners need to help their employees understand the risks and the mitigation steps that can be taken to stop unauthorized access to company data.
Cyber insurance can help protect your business assets.
Cyberattacks are becoming more sophisticated and frequent. Business owners need to prepare for them, rather than waiting for it to happen. It is no longer about “if” but “when” a cyberattack will occur. SMB owners often purchase insurance policies to protect their business from the risks associated with running a business. These policies cover everything: workers compensation, general liability, errors, omissions, and many other things. Cyber insurance is often overlooked by business owners. Cyber insurance is a valuable tool for businesses to recover from cyberattacks or data breaches. It also pays for recovery steps such as credit monitoring, notification of affected parties, legal fees, investigation into the breach, and so on.
It is crucial to find trusted providers who have the experience and expertise to help business owners assess and quantify their risks and then create insurance policies that meet the needs of each insured. It is important to review cyber policies in detail to determine what types of attacks are covered, how much coverage is available for business continuity, and any exclusions. Although cyber insurance may seem overwhelming, small businesses have many options to make it affordable and accessible.
Cyberattacks are becoming more sophisticated and frequent. Small business owners need to take steps to safeguard their assets and data. Owners can help their business recover from data breaches and cyberattacks by understanding the risks, developing a proactive cybersecurity plan, educating employees and raising awareness about them, and protecting company assets with cyber insurance.
Call SpartanTec, Inc. now if you want to protect your small business from various types of online threats and how our team of IT experts can help your company.
Charleston, SC 29407