Why No Business Is Too Small for a Cyber Attack

Based on the IBC cybersecurity survey reports, over 60% of small businesses are attacked by cybercriminals. In other words, regardless of the size of your company, you can be the target of a cyberattack at any time.

If you are a business owner, read on to learn more about protecting your business from cyberattacks.

Digital World and Growing Threats

It is undeniable that the digital market offers many advantages, such as instant communication, access to global business, and a constant flow of information. But these benefits come along with growing threats that can disrupt and cripple critical information in your business.

The recent cyberattacks on Ontario’s London Public Library and Windsor hospitals in December 2023 highlight the growing vulnerability of interconnected digital systems. These attacks expose the sensitive data stored online, disrupting essential services and putting personal information at risk.

Why Small Businesses Are Attractive Targets

Cyber attacks can inflict devastating financial damage on many small businesses. With constantly developing methods of attack, like malware, phishing, ransomware, and denial-of-service attacks (DoS), it is best for you to be aware of the reasons and stay vigilant:

Lack of Resources

Small and medium-sized businesses often operate with limited budgets and invest little in cybersecurity. As a result, hackers have easy access to your business, making you a prime target. Also, the lack of in-house expertise to stay up-to-date on the latest vulnerabilities makes you a potential target.

Valuable Data

Every customer’s data holds value, including names, addresses, and financial information. Cybercriminals can exploit and take advantage of weak systems in businesses. Trade secrets and intellectual property are among the most valuable assets an SMB can keep, but they are also among the most easily exposed assets.

Technology and Security

Your weak technological support for intrusion detection and security systems can be the root cause of sophisticated cyberattacks. Sole reliance on measures like antivirus software and firewalls is insufficient, often leading to human error, such as clicking on malicious links.

Steps to Protect Your Business

Given the high stakes, it is a mandatory requirement for your business to take proactive measures for defence:

● Investing in Comprehensive Cybersecurity Systems: Employing advanced features like multi-factor authentication (MFA), data encryption, and regular updates of tools, is important. By making sure multiple layers of security systems are installed, you can avert the majority of the potential threats.

● Regular Audits: Staying on top of emerging threats requires regular policy updates. Bringing in cybersecurity professionals can help conduct thorough audits and risk assessments. It is a must to identify and effectively mitigate them with meticulous strategies.

● Develop an Incident Response Plan: Creating a detailed incident response plan that outlines the steps to be taken can help in the event of a cyber attack. This can include protocols for identifying, containing, and notifying about the breach for effortless data retrieval.

● Cyber Insurance: This can offer you financial protection that typically covers costs such as data recovery, legal fees, notification expenses, and business interruption losses. An experienced provider can help determine how much insurance coverage is appropriate for your business’s risk management needs.

Are you unsure of how to fortify your business against potential attacks? Take your first step towards security and longevity with our team at ManagePoint Technologies. Don’t wait until it’s too late; contact us to get your solid defense ready today!