Published By Credit Suite at October 5th, 2021
Small businesses are often at the greatest risk of cyberattacks because of their lack of resources and inability to invest in cybersecurity. However, with limited ability to protect the network from malware, ransomware, trojans and viruses, these attacks could lead to financial ruin.
Learn about the risks you can face if you do not prioritize cybersecurity.
The risks of not having adequate cybersecurity include the cybercriminal being able to access the following sensitive information:
These risks have a serious impact on the company and can cause the entire business to fold if attacks are successful.
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The primary effect of a cyberattack involves financial damage. But these incidents can also cause irreparable harm to the company’s reputation. Some cybercriminals are looking to steal data rather than usernames or passwords. This may lead to identity theft or a ransomware attack that locks down all computers until the demand for monetary compensation is met. If you have to tell customers there was a breach, this can damage the company’s reputation. You may need identity monitoring for customers or employees to protect possible loss of credit details and personal identifiable information.
The susceptibility of a small business lies in the lack of properly secured computers, networks, and systems. However, there are many other reasons why they are targeted, including:
Adequate cybersecurity requires an understanding of what is lacking in securing your network. Having a dedicated IT team to support the company is vital. But it is not cheap. Boosting the business in this way requires covering the basics in software and hardware to defend against threats. And the company needs a business-wide policy on cybersecurity and employee education about possible cyber threats. This education should include how to handle mobile devices while on company grounds and away from them.
Keep security infrastructure up to date by automatically installing updates to your software. Continue improving and learn how to ensure software can spot possible problems. contingency plan in place. Business identity monitoring services can scan the dark web. They can look for stolen usernames, passwords, and personal identifiable information. Every business should have a response plan in place in case of a cyber attack.
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If your employees and stakeholders are not aware of the potential risks, they are more likely to fall prey to cyberattacks. Here are some common myths that prevent businesses from taking cybersecurity concerns seriously:
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Cybersecurity is a vital part of any business. But with proper protocols in place, a plan, and a team dedicated to protecting the company, you can safeguard company information from many breaches. Also, always stay updated and remain informed of the newest changes in data security.
David Lukić is an information privacy, security and compliance consultant at IDstrong.com. The passion to make cyber security accessible and interesting has led David to share all the knowledge he has.