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Why Small Businesses Should Worry About Cyber Security

To believe a small or medium level enterprise is less prone to cyber threats in the current age is a potentially catastrophic myth. Seriously, how else do you explain this confounding stat that suggests 61 percent of all reported #cyberattacks target small businesses? While we in the context of #cybersecurity understand the stakes large enterprises cover for, the easily surmountable firewall for all small-scale enterprises makes it an obvious target.

Here’s a crucial set of stats globally recognized to put things in context:

  • Of all the #malware #attacks in the last one year, more than half the victims were categorised as small businesses according to the data from Business News Daily.

  • The data also estimates #cybercrime to make a global dent of $3 Trillion in the next three years, more than a trillion of which is likely to affect small businesses.

  • A recently released Forbes report revealed 60 percent of all small businesses have acknowledged the changing methods of #cyberattacks identifying new ones as more ‘sophisticated’.

  • According to a 2017 finding by the US Government, the country is still the most targeted network for attackers with most of its cities shedding a much higher figure than the national average in terms of a security breach.

So Why Do #Small #Businesses Get Targeted?

While one aspect of this formidably schemed a set of attack is the vulnerability small businesses put on display, attackers usually believe it’s easier to get away here than on the higher levels. Data breaching is not the only toll these small level of enterprises may entail, here’s everything else that may put the system at risk:

Computer virus, Phishing, Trojan Horse, Hacking, Customer Data breach & Company Data breach.

Most business owners have admitted to all the risks they expect at the company level. However, interestingly not even half of them have installed security systems to counter it. This innate attribution of all small business owners makes them an easy target for attackers. Even the owners with installed security systems rarely make a timely upgrade. 35 percent of all the business owners globally accepted they have never made a system upgrade after first installing it.

Besides the lack of #security #investment which makes #SMEs a soft target, an easier extortion of ransom is also why these businesses are mostly under an ‘attack’ radar. The #high #dependency on data for these owners is enough for the attackers to play on the weakness. In order to find an immediate response which in simpler words is like saving the company, owners mostly end up paying the ransom.

What are the #challenges #SMEs usually deal with?

Almost 90 percent of #SMEs lack a sincere contingency plan to be able to take on such cyber threats. While cost remains as a standard factor, time consumption and processes do not aid the rescue.

#IoT (Internet of Things) while making it easier for anyone to set up a network array also opens avenues for attackers to sneak in. It’s important for all IoT devices to be set up without any compromises.

#Security layers and accesses must be given more thought to be able to reduce the risk of a breach. Any human hand having access to data is an irretrievable process of damage.

#Security #threats are looming even for the businesses now depending on #cloud #technology. Despite establishing itself as an easy mode of data assembler, it is no secret that even cloud is prone to any level of a security breach.

The Solution

#Cyber #insurance: Aside from software/hardware installations that do not guarantee you a complete cover-up, #cyber #insurance has emerged as a relatively dominant force to in retrieving lost data. Cyber coverage best helps in dealing with business liabilities such as data breaches or data theft. Not only does a cyber safe insurance help in sustaining a #brand’s #reputation, but also helps in restoring any possible degrees of a #data #breach. #Security #policy providers are bound to abide by cyber security policies which are conclusively framed to help any corporation. Investing some time to run a risk analysis is an apt study to assess the extent of coverage you might need. The cost of this cover ranges anywhere from USD1000 to as high as some millions.

Keep your software updated: At a time when a thin window of air is an invitation for cyberattack itself, it’s important to not expose your vulnerabilities. Also, install the required firewalls which could be implemented through both software and hardware.

Make your workplace more aware: For a workplace continuously working on systems with several minds and hands at work, it’s imperative the employees are taught everything to counter an attack or more so to prevent one.

#Data #backup: No amount of precaution is harmful even if your threat countering system is in place. Backing up your data is like running ahead of the game that can help in restoring your workflow even if your business suffers an attack.

#Cyberthreat is a constant battle a business would need to fight; it’s the strategical response will determine whether you came out on top or succumbed.

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