Security specialists argue that small businesses are more likely to become targets when it comes to cyberattacks. Since entrepreneurs and business owners have a lot on their plate, there are times when they don’t prioritize cybersecurity. Consequently, not paying attention to some red flags and avoiding having a strong fraud prevention system can lead to alarming consequences.
Not convinced? According to IBM, around 60% of small businesses are forced to shut down within the period of 6 months due to cyberattacks, such as data breaches. So if you want to learn how to avoid such damage, keep on reading the full article.
Why You Should Take Cybersecurity Precautions
The internet has become a huge, mainstream part of practically any person’s life. Of course, with such a high connectivity level, there are certain cybersecurity risks. While users seek many convenience benefits in various digital solutions and services, bad actors search for new ways to earn money from cybercrime. It’s estimated that approximately more than 140TB of traffic floods the internet each second.
Part of that is why today’s business owners can easily become targets of all sorts of cyberattacks. Unfortunately, one bad move, and you can find yourself in a data breach scandal worth thousands or even millions. Even if you know the basics, you can’t let cybersecurity slip through your fingers. That’s why it’s important to take security measures in order to avoid compromising situations.
Why Cybercriminals Target Small Businesses
New business owners tend to leave cybersecurity measures aside unless they have a huge budget to focus on strengthening their security defense. With less focus on security, the average cost of data breaches has now increased by 10%. As a result, many organizations unintentionally leave wide doors for hackers to strike.
According to recent findings by Digital.com, 51% of small businesses didn’t implement proper security measures as of March 2022. As claimed by cybersecurity researchers, such numbers add to the fact that small businesses have fewer digital measures to protect themselves compared to larger enterprises with more robust cybersecurity systems.
On top of that, since cyberattacks can be very damaging to smaller businesses, their owners are more likely to pay ransom in cases when they need to restore their data. What’s more devastating is that some bad actors use smaller enterprises as one of their stages to get closer to larger companies with bigger assets.
The Main Cyberattacks that You Should Know
If you have money flowing, you’re at risk of becoming a target. As an entrepreneur or a small business owner, the best way to start and build your cybersecurity defense system is to find out everything about the main cyberattacks and how they happen. Cybercriminals’ goal is to gain access to any information, such as your users’ sensitive data. Emails, passwords, card details, everything should be protected.
With sensitive information, criminals steal identities and build new profiles to exploit victims’ identities in several damaging ways. To prevent such devastating scenarios, you should be aware of all of the main cyberattacks out there:
Insider’s attack: This attack happens when someone from the organization abuses their power of having access to important company files. That means, as a small business owner, you need to control every staff member in terms of having a data protocol. Once again, a strict system will help you avoid insider threats, protecting all your employees and their data.
Zero-day attack: Because of such attacks, developers carry a lot of responsibilities on their shoulders. If the system or the software has any security gaps, hackers can spot them, successfully undergoing zero-day attacks. The worst part is that cybercriminals get away with exploiting small businesses without getting caught for months.
Malware: The notorious malicious software attack can damage any computer or device, gaining access to the whole organization’s network. Malware attacks occur due to spyware, viruses, or ransomware. Malware is very harmful because it can delete your data or, for example, spy on your company’s computers without your knowledge.
How to Secure Your Network and Your Business?
As more businesses move to the digital sphere, the need for new technological solutions rises. Small business owners are looking for ways to protect their data and their users from cyberattacks. Naturally, that’s why you should consider installing and adding some basic solutions to your security system. For example, standard antivirus and firewall software will protect your business from most malware attacks.
In addition, when it comes to more complex security measures, you can use Identity Verification tools to prevent identity theft and hackers who try to access your network with stolen credentials. All in all, back up your data regularly, educate your employees, and don’t forget to update your internal policies that’ll help safeguard sensitive data.
Final Thoughts
Let’s face it. Cybercriminals’ techniques are getting more sophisticated by the minute. Despite that, it doesn’t mean that you need to give up or not pay attention to your cybersecurity system. There are plenty of solutions and new ways to protect your small business. Even if a data breach attack occurs, you can be fully prepared to recover the data quickly and securely. So don’t worry. If you follow all the mentioned steps, you’ll minimize the chances of cyberattacks.
