In today’s world, cyber security infrastructure and awareness are required for almost every industry to function properly. It is primarily due to the potential for cyber attacks to have a negative impact on an organization’s efficiency and output. Cyber security awareness is especially important for small businesses, which are plagued by a wide range of cyber threats such as cryptojacking, ransomware, phishing, password tracking attacks, and advanced persistent threat attacks.
Truth be told, as cyber attacks become more common, small and medium-sized businesses are frequently the hardest hit — even if their breaches do not make headlines. For a large payout, attackers do not need to coordinate a large attack effort. They can collect small sums from small and medium-sized businesses with little effort: distributed denial of service attacks, point-of-sale malware, and phishing scams.
Why are small and medium-sized businesses targeted?
The presence of small businesses in cyber criminals’ target range is primarily due to the low complexity of their cyber security infrastructure. According to reports, the most common challenges that a small business faces stem from employee negligence. With fewer resources and a less complex infrastructure, raising awareness is the only way for small businesses to reclaim their security.
Larger corporations are often more difficult to breach because they have sophisticated security defenses in place. Because many SMBs are electronically linked to the IT systems of larger partner organizations, it provides access to the “big names” and their valuable data. Hackers clearly go small in order to win big, but if a flaw in a large organization’s security defense is discovered, small businesses may suffer severe reputational and financial harm
Smaller businesses are notoriously lax when it comes to security. Because of the size of their operations, they often believe they are safe from malicious attacks, when in fact, the opposite is true. Smaller businesses are more vulnerable to successful cyber-attacks than larger companies because they frequently lack the budget and expertise to implement effective cybersecurity strategies. According to a recent Barclaycard report, only 20% of organizations consider cybersecurity to be a top business priority, which explains why they are a prime target for hackers.
When it comes to cyber-attacks, small and medium-sized businesses (SMBs) are particularly vulnerable, as a ransomware request could put them out of business overnight. Victims of ransomware frequently believe they have no choice but to comply with such demands because their business is at stake.
What can small and medium-sized businesses do to avoid cyber attacks?
- Conduct a risk assessment.
Companies should conduct an in-depth risk assessment. A Risk Assessment evaluates all potential vulnerabilities and creates a framework for the development of Privacy and Security Policies and Procedures.
Risk assessments also assist businesses in determining which actions they can reasonably address on their own and which should be delegated to experts. We recommend that you review your Risk Assessment annually and conduct a new one every 2-3 years, or whenever there have been significant changes to your systems
- Rely on Professionals
Working with an expert is the best thing small and medium-sized businesses can do to stay safe. Outsource complex, difficult-to-understand tasks to an IT specialist or Managed Service Provider. A comprehensive approach to cybersecurity entails going over every detail; if you do not feel equipped to do so, hire assistance.
- Backup Data
Make a backup of everything and archive it. We recommend adhering to the 3-2-1 rule: Maintain three copies of your data on two separate storage platforms, one of which is offsite. Hackers force business owners to pay large sums of money in order to release their data or end a ransomware attack.
Conclusion
Despite the fact that cyber security threats are on the rise, understanding the top threats and what you can do to avoid them is the first step toward protecting your business from them. Take the steps outlined above and educate your employees to ensure you are protected from cybercrime.