Cybersecurity is no longer a luxury, but a requirement in the context of the digital age, although more important for a company if it is small. Due to the growing internet security threats, customer data protection is on the forefront of keeping the company afloat. In the following sections, we understand why cybersecurity should be a top priority for small businesses and how you can shield your organization from threats.
Why Small Business Should Be Concerned About Cybersecurity
There are so many businesses that believe they cannot be targets of cybercriminals because they are small businesses. A report by Verizon’s Data Breach Investigations Report reveals that small business takes the lion share as being the favorite target of hackers, standing at 43% on the basis of a research.
Failing to implement proper cybersecurity measures can lead to severe consequences, including:
Financial Losses: The average cost of a data breach across small businesses stands at about $200,000 and this is very costly.
Reputation Damage: This inevitably impacts the company’s sales and can take years of consistent efforts and product, identifying to rectify the situation.
Legal Issues: Legal consequences for failing to safeguard customer data can be penalized in law for businesses.
Key Cybersecurity Threats Facing Small Businesses
Learning some of the risks that affect small business is the first thing to do in order to avoid them. Common cybersecurity threats include:
Phishing Attacks: Email scams with a purpose of obtaining user’s credentials.
Ransomware: A secure and destructive program designed for encryption of files to achieve monetary demands.
Malware: Malware which are viruses and spyware that can damage your system.
Data Breaches: Loss of customer or business information and other confidential data through some unauthorized person.
Recommendation on Reducing Cybersecurity Threats
It is an undeniable fact that good cybersecurity can be achieved without much money and much effort. Here are some tips for small businesses:
Invest in a Secure Network
Always include firewalls and antivirus in the network. Update your systems as frequently as possible in order to solve known security issues.
Tip: VPNs should be used to ensure secure accessibility in networks from distant locations.
Educate Employees
Malicious attacks are often facilitated by human error, which is one of the causes of cyber incidents. If your employees do not know what potential threats may be, it will be easier for them to become attacked themselves.
Statistic: Businesses that organize cybersecurity training for employees experience a 70% reduction in cyber attacks.
Apply user code or Multi Factor Authentication (MFA)
MFA is an addendum to the traditional ways of protecting accounts since it allows users to provide their identity more than once.
Fact: Microsoft says that the use of multi-factor authentication can reduce automated cyber attacks by 99.9%.
Backup Data Regularly
Maintenance of backups enables you to avoid a nasty shock when a cyber crook strikes. It’s also important to add that backups should be stored safely, in an offline medium.
Tip: Cloud services that have encryption inbuilt should be used in order to maximize security.
Create a Cybersecurity Policy
It is ideal for employees to know their responsibilities in the organization’s safety through replication of a cybersecurity policy.
Example: They should contain provisions on the password change, usage of devices, and on reporting of suspicious activities.
Real-World Example: How a Small Business Triumphs
A retail firm in California lost customer data to ransomware that encrypted the record of the company’s consumers. In this case, the business had plans of regular backups and a firm cybersecurity plan hence no money was made to the hackers to get back the data. This impressed me because the business was actively combating threats and protected it from losing $50,000.
This paper focuses on one of the most critical aspects of scholarship and policymaking that is Technology in Cybersecurity.
The use of technology can actually complement your cybersecurity endeavors. The software that may assist you to make your systems more secure is Bitdefender, Norton Security, and LastPass.
Statistic: Survey shows that organizations employing sophisticated measures and technologies have only one-third as many breaches as those with numerous inadequate safeguards.
Conclusion
E-security is an essential part of managing a company today, especially for those startups that may not afford a dedicated IT department. In this case, business management should ensure optimum protection from threats through adopting good cybersecurity measures and practicing with employees. Don’t let your business lose all its gains to cyber attacks – act now to ensure the security of your operations tomorrow.