Despite the ability of cybercriminals to launch very sophisticated attacks, it’s often lax cybersecurity practices that enable most breaches. This is especially true for small businesses (SMBs) and medium-sized enterprises targeted by cybercrime.
Small business owners often overlook prioritizing cybersecurity measures. Their sole focus may be geared toward growing the company, and in a vacuum, that’s understandable. However, whether through a business owners’ hubris, thinking they have a lower data breach risk, or frugality regarding believing cybersecurity to be an expense they can’t bear, the undeniable truth is that small businesses are always prime targets for cybercriminals. This reality is due to many perceived vulnerabilities by hackers concerning small businesses and their lack of or weaker cyber defense mechanisms in place.
Fifty percent of SMBs have been victims of cyberattacks. More than 60% of them go out of business afterward.
Cybersecurity doesn’t need to be expensive. Most data breaches result from human error, but that is actually good news. Improving cyber hygiene in-house with your workforce can reduce the risk of falling victim to an attack.
Are You Making Any of These Cybersecurity Mistakes?
To address the issue, you need first to identify the problem. Often, the teams at SMBs are making mistakes they don’t even realize. Below are some of the biggest reasons small businesses fall victim to cyberattacks. Read on to see if any of this sounds familiar around your company.
1. Underestimating the Threat Small Businesses Face Digitally
One of the biggest cybersecurity mistakes of SMBs is underestimating the threat landscape. Many business owners assume their company needs to be more significant to be a target. But this is a dangerous misconception.
Cybercriminals often see small businesses as easy targets. They believe the company needs more resources or expertise to defend against attacks. It’s essential to understand that any business is a manageable size for cybercriminals to target. Hence, being proactive in cybersecurity is crucial.
2. Neglecting Employee Training
When was the last time you trained your employees on cybersecurity? Small businesses often neglect cybersecurity training for their employees, with owners assuming they will naturally be cautious online.
However, the human factor is a significant source of security vulnerabilities. Employees may inadvertently click on malicious links or download infected files. Staff cybersecurity training helps them:
· Recognize phishing attempts
· Understand the importance of strong passwords
· Be aware of social engineering tactics used by cybercriminals
3. Using Weak Passwords
Weak passwords are a common security vulnerability in small companies. Many employees use easily guessable passwords and reuse the same password for several accounts. These behaviors can leave your company’s sensitive information exposed to hackers.
People reuse passwords 64% of the time.
Encourage the use of strong, unique passwords. Consider implementing multi-factor authentication (MFA) wherever possible, as it adds an extra layer of security.
4. Ignoring Software Updates
Failing to keep software and operating systems up to date is another mistake. Cybercriminals often exploit known vulnerabilities in outdated software to gain access to systems. Small businesses should regularly update their software to patch known security flaws. These updates include operating systems, web browsers, and antivirus programs.
5. Small Businesses without Data Backup Plans
Small companies need formal data backup and recovery plans. It’s unwise and borderline negligent to assume that data loss isn’t a risk to your business, as data loss can occur due to various reasons ranging from cyberattacks to hardware failures or simple human errors.
Regularly back up your company’s critical data, and when doing so, test the backups to ensure they can be successfully restored in case of a data loss incident.
6. No Formal Security Policies within Small Businesses
Small businesses often operate without clear policies and procedures. Without clear and enforceable security policies, employees may not know critical information, such as how to handle sensitive data, how to use company devices securely, or respond to security incidents.
Small businesses should establish formal security policies and procedures and communicate them to all employees. These policies should cover things like:
· Password management
· Data handling
· Incident reporting
· Remote work security
7. Ignoring Mobile Security
As more employees use mobile devices for work, mobile security is increasingly important. Small companies often overlook this aspect of cybersecurity.
Put in place mobile device management (MDM) solutions. These enforce security policies on company- and employee-owned devices used for work-related activities.
8. Failing to Watch Networks Regularly
SMBs may not have IT staff to watch their networks for suspicious activities, which can delay the detection of security breaches.
Install network monitoring tools or consider outsourcing network monitoring services, as this can help your business promptly identify and respond to potential threats.
9. No Incident Response Plan
In the face of a cybersecurity incident, SMBs without an incident response plan may panic and respond ineffectively.
Develop a comprehensive incident response plan that outlines the steps to take when a security incident occurs. This response plan should include communication plans, isolation procedures, and a transparent chain of command.
10. Small Businesses Thinking They Don’t Need Managed IT Services
Cyber threats are continually evolving, with new attack techniques emerging regularly. Small businesses often need help keeping up, yet still may think they have to be bigger to pay for managed IT services.
Managed services come in all package sizes and can be appropriately scaled and designed for SMB budgets. A managed service provider (MSP) can protect your business from cyberattacks and save money by optimizing your IT.
Learn More About Managed IT Services for Small Businesses
Don’t risk losing your business because of a cyberattack. Managed IT services can be more affordable for your small business than you think.
Give PCS a call today to schedule a chat.
The article was used with permission from The Technology Press.