Businesses are increasingly moving online and adapting to customer demand is becoming more difficult. Small businesses that are not well prepared for cybercrime and cyberattacks face constant challenges.
There are many digital tools to help defend against cyberattacks
With the advent of digital tools that can help businesses stay relevant in highly competitive markets, there are new technologies in many spheres to assist business owners in finding solutions to their growing problems.
Technology is helping employees and business owners to manage large volumes of work and better manage customer relations. They act as a shield between business and the bad actors that lurk on the internet.
The digital transition has not been without its challenges.
The rise in cyber-attacks, bad actors and other threats has made it more difficult for businesses to manage their operations.
Online data protection and cybersecurity are two of the most important strategic strategies for improving business performance.
Recent statistics show that the average cost of a data breach in 2022 was $4.35 million. This is a steady rise from the $4.24 million average.
The average cost of a data breach can vary from one industry to another, but healthcare and medicine are the most costly.
Cyberattacks and Data breaches can be mind-boggling.
Data breaches have cost businesses huge amounts of money. Small and large companies alike have reacted quickly to any possible attacks and breaches and implemented an array of tools to mitigate any threat from bad actors.
In 2021, a report showed that cybercriminals and hackers have made small businesses prime targets. The report found that cyberattacks on 42% of businesses in the country were suffered last year. A further 69% of small business professionals stated that they are worried about future attacks.
Many professionals still consider their businesses too small to be targets, despite 72% of small-business owners and managers preparing for an attack.
There is concern that only 26% are currently concerned about cyber security. Small businesses will see increasing threats as the internet becomes more widely used.
Apart from cyber attacks, the other challenge is that startups and small businesses are often not in a financial place to implement high-end cybersecurity systems.
For a full-time worker, setting up a high-end cybersecurity system or medium-tier one could cost between $1,300 and $3,000
This percentage means that the business devotes 0.2% to 0.9% to cybersecurity. However, small business owners such as yourself may have to reduce or adjust their budget in order to improve digital security.
Types of cyberattack
The cyberattacks that businesses are facing each year, due to the increasing use of online media and commerce, and the advent of remote work and virtual offices, are getting more severe.
Despite all the technological advances and the Internet of Things (IoT) and basic software capabilities, human error continues to be the main cause of cyberattacks. This can be attributed to insufficient cyber security training and knowledge.
Although human error is still the largest threat to small businesses’ cybersecurity, there are many other types of threats and attacks.
Malware Attack:
This is malicious software that infiltrates computers and operating systems with malware, such as spyware, ransomware or worms. Malware attacks are the most popular type of cyber attack.
Phishing Attack
Another threat is the widespread use of malicious emails and links. If an email is opened, a virus can be released onto the computer. An attacker can then gain access to confidential data.
Password Attack:
Hackers are able to access the online business platforms and other sensitive information by cracking passwords for specific accounts or portals. Every person should use a strong password. This is especially true if multiple accounts are connected or synced to the same server.
Denial-of-Service Attack:
Attackers flood companies’ servers and networks to drain bandwidth. This is common among both businesses and organizations. When the system is overwhelmed or exhausted it will slow down or shut off completely. This leaves the server and network vulnerable.
These are just some of the most well-known cyberattacks, which occur frequently. An online attack can happen at any time to small businesses who use social media platforms or eCommerce sites. It typically takes several days before someone realizes that the system has been compromised.
How small businesses can defend themselves against cyber attacks
It is becoming increasingly difficult to recognize the differences between bad actors and obscure cyber threats as cyberattacks continue to grow in complexity and sophistication.
Protecting your customers, employees and business means being as prepared as possible. These tips will help protect your company against cybercrime.
Employees should be educated and informed
You can start with your frontline staff to make sure they are aware of the potential risks of cyberattacks, regardless of whether you have one, two or more employees. Even if you’re a single person/woman, you should take the time and find out what a possible gap is in your cyber security systems.
The most serious risk to your company’s cybersecurity may be employees. To avoid this, make sure that employees do not log into social media accounts or visit websites for personal reasons.
Another option is to create a policy regarding passwords that requires employees secure their work devices using passwords. This policy should be kept up-to-date. Employees should be able to identify suspicious online activity and have a plan to fix it.
Limit access to employee data
Employees can be educated about cyber attacks and restricted access to information.
Although a small business may not have many employees, giving them unlimited access to customer and business data is an ill idea. You, the business owner, will be able to better control and monitor which data sets, who has access, and what they are used for.
Updating software and cybersecurity systems
It’s important to consider whether your personal computer is protected against viruses or spyware during the initial stages of your company.
This is the most basic security level for any type or computer. But as your business grows, you will need to upgrade systems as needed. Protect your business’ data from hackers via strong security measures.
Make the most of cloud storage
Cloud storage online has been able to replace servers and networks used for data storage in the past. Although many businesses still use hardware tools, the advanced technology has allowed them to be replaced with virtual cloud storage.
Cloud storage makes it easy to share any information and can be uploaded and downloaded instantly.
Cloud storage offers 24/7 cybersecurity protection and is much more stable. Cloud activity can be monitored to detect suspicious activity or update security protocols.
Security assessments should be conducted regularly
Conducting regular cybersecurity assessments of your devices and operating system is another smart and cost-effective way improve cybersecurity systems. This can be done easily, especially if the computer security program you are using is basic.
These assessments are not only used to monitor the performance and security of your devices, but they can also be used by you to detect any possible threats and remove them from viruses, trojans, and worms.
Computer security software usually comes with an assessment tool. This can be used by you or you can do some research online on trusted and free tools that you can use.
Secure customer data
To protect your clients’ personal information, any small business operating online via social media or a site will need to have some type of customer data protection.
First, you can restrict employee access to customer information. You can also limit how employees can use customer data.
A customer relationship management system, which is trusted in the industry, offers reliable protection from hackers.
Limit the amount of data stored on devices and networks servers in order to reduce accessibility.
You can protect your customers by securing their customer data. In the event of a cyberattack or hack, your customers will be reassured that your business has the necessary protocols in place to counter any malicious actors.
Establish a response plan
One final recommendation is to prepare a response plan in the event that there is an attack on your data or a data breach. You should consult a professional to learn more about the best protocols to follow in case hackers gain access to your business data.
An employee response plan can help them in the event that there is an attack. It allows you, the business owner to be confident that you have prepared for any eventuality and that you have taken the appropriate steps to implement them.
To finish off
If cybercrime threatens your business, employees and customers, it is better to be prepared than sorry. It is important to have a strong hand in protecting your data and information so that you can protect all channels and ensure that any attack does not result in costly consequences.
Do not think that your business is too small for a cyberattack. Cybercrime has become an increasing threat to all businesses. It will cost businesses more to solve cybercrime as the bad actors get more inventive and sophisticated.
Cybersecurity should be considered as a long-term and permanent investment. The right tools and systems will help you save time, money, protect your information, and stop bad actors from watching.