Cybersecurity has become a growing concern for organizations of all shapes and sizes. While historically, most major cyber threats were designed to target large corporations with sizeable budgets and valuable digital assets, today, even smaller businesses have heightened risks.
The statistics speak for themselves, with 46% of all cyber breaches now impacting businesses with fewer than 1,000 employees. And considering that 95% of cybersecurity attacks on SMBs cost an average of $350,000 or more, these risks are too large to ignore.
However, knowing where to prioritize your focus when growing your business successfully and keeping it secure can be challenging. To paint some clarity in this area, we’ve created a helpful guide that navigates the common cyber threats SMBs face and how to prevent them.
There is a common misconception from business owners that their business is too small or niche to become a cybercriminals’ target. The reality is that smaller businesses are becoming more commonly targeted because they have more to lose when experiencing extensive operational downtime or when recovering from ransomware attacks.
Proactive cybersecurity planning is so important to SMBs for various reasons:
Since a smaller business, especially in its early development stages, has very limited resources, cybersecurity can often be put on the back burner.
However, this puts SMBs at a much higher risk of being targeted since cybercriminals know these organizations will be more likely to pay hefty ransom in exchange for access to their critical systems and databases.
As many organizations invest more heavily in digitized solutions to help their business run, they also begin to collect and store larger amounts of customer data.
This information is highly valuable to cybercriminals, and a cyber breach can lead to several issues that can damage your reputation and impact customer loyalty.
Over the years, various industries have released a number of new regulatory compliance standards.
All businesses are subject to specific privacy protection laws, including PCI DSS (Payment Card Industry Data Security Standard) and HIPPA (Health Insurance Portability and Accountability Act). Non-compliance with these regulations as a result of poor cybersecurity preparedness can lead to significant fines and other business penalties.
While there is no shortage of cyber threats businesses should be aware of, below are some of the most common security issues plaguing SMBs today as well as effective prevention tips for each of them:
Phishing schemes, often called “social engineering attacks,” are various methods that attackers use to gain valuable information about a business or employees to access various systems.
Using malicious emails, text messages, or robocalls, cybercriminals will pose as legitimate sources while trying to extract information that can be used to compromise usernames or password information that can be used to facilitate a future attack.
How to Prevent:
Awareness and education are some of the most important ways businesses can help to avoid these types of scams. Employees are typically the first line of defense when it comes to business security, and the more prepared they are to handle these schemes, the more protected a business will be.
It’s important to use native email filtering and spam detection tools included with your email clients while investing in more comprehensive third-party monitoring tools. While this won’t stop all spam emails or phone calls from coming through, it can significantly reduce their volume.
Malware is a broad term for any type of malicious software that can be injected into a supporting system or database. One of the most common forms of malware is ransomware, which acts like a fast-spreading virus that locates and encrypts large volumes of essential system files or data.
Ransomware is one of the most threatening types of cyber attacks for SMBs since it can quickly put operations to a standstill and be very difficult to manage once it takes place.
How to Prevent:
Preventing ransomware requires a proactive approach to cybersecurity planning. While antivirus and anti-malware software can be a great investment to minimize business risks, they’re not always perfect.
The best way to minimize the chances of becoming a victim of ransomware is to regularly install updates and patches on all software in use while only ever working with trusted vendors. It’s also important to keep regular backups of your critical data in an offsite location or secure cloud-based service if you ever need to recover your systems.
A zero-day attack is a common cyber threat used to explore software vulnerabilities that often occur without a software vendor being aware of them. This typically happens when newer software is released or when a brand-new operating system version becomes available.
This type of attack is difficult to defend against and can take some time before a suitable software patch is released to repair the vulnerability.
How to Prevent:
One of the best ways to reduce the likelihood of falling victim to a zero-day attack is by prioritizing software and security updates for software as soon as they become available.
Businesses can also invest in web filtering and intrusion detection systems (IDS) to help identify and block any suspicious network activity that could be taking place without them knowing. Another potential consideration for SMBs is investing in cyber insurance. This provision can be a cost-effective way to help mitigate any possible financial losses that occur in the event of a successful cyber breach.
Not all security threats originate from outside an organization. Insider threats relate to various security risks that employees can introduce into the organization.
These threats could be intentional in nature, such as a disgruntled employee purposely compromising systems or unintentional, such as accidentally clicking on a harmful link or visiting malicious websites.
How to Prevent:
Before hiring new employees, businesses should do thorough background checks on candidates while also regularly testing their security awareness.
Another important best practice to follow is to limit employee access to only the necessary levels they need to do their day-to-day tasks. Commonly referred to as the principle of “least privilege” or “Zero Trust,” this is a much safer way of handling business security controls.
It can be intimidating for many SMBs as they start to put more focus on their cybersecurity initiatives. However, taking this important step shouldn’t be something you do alone. Cybersecurity is complex and requires considerable time to manage properly.
LDD Consulting is headquartered in Albuquerque, New Mexico and specializes in providing SMBs with the guidance they need to create robust cybersecurity strategies while leveraging enterprise-level security solutions. Contact us today to see how we can help you improve your cybersecurity posture.
