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.

What are the Risks?

The risks of not having adequate cybersecurity include the cybercriminal being able to access the following sensitive information:

•       Client lists
•       Customers’ credit card details
•       Company financial data
•       Internal pricing, product, and structure
•       Designs, manufacturing details, and company secrets
•       Usernames, passwords, and employee records
•       Company processes leading to revenue

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 Impact of Cyber Attacks

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.

Why Small Businesses are Easy Targets

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:

1.     Data is valuable to anyone looking for it. Small businesses have plenty of it.
2.     Hackers can mine cryptocurrency with access to computer data or use it for DDoS attacks on other businesses.
3.     As an initial entry point, the small business can provide the cybercriminal with access to other financial institutions or businesses connected through its network.
4.     Hackers have easier entry into the system to wreak havoc or steal data because there is no dedicated IT team.
5.     Insufficient security measures lead to leaks in security with single computers and entire networks whether for work-at-home employees or daily processes.
6.     Inadequate cybersecurity and a lack of employee education = about it can lead to a breach and theft of information for future use by hackers.
7.     Financial data may provide hackers with sensitive customer details and connections to banks through leaks in security or breaches into the company.

How to Boost Your Cybersecurity

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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Cybersecurity Myths

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:

1.     The business is too small. But cybercriminals are willing to attack if there is any possibility of financial gain. 70% of small businesses report being victims of cyberattacks.
2.     If no products are sold, there is no worry. Every company has information, financial transactions, and user data. Yet with malware, ransomware and data breaches, a hacker can make money.
3.     The company has nothing of worth. But cybercriminals can hold business data hostage through ransomware and demand money to return access. Also, about 70% of attacks of ransomware involved small businesses in 2018.
4.     Our company information cannot be breached. Password protection ensures a solid defense. But all it takes is one employee to click on the wrong link in email or text to lead to a data breach.
5.     Employees are aware of phishing emails. But not all phishing uses email. So some attacks appear completely genuine. Instead, they may appear as vendors or customers.
6.     Cybersecurity requires a one-time setup. Rather, proper cybersecurity is a never-ending, ongoing process.

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Conclusion

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.

BIO

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.