Top 5 Cybersecurity Threats That Small Businesses Must Be Aware Of
IT Resources covers 5 cybersecurity threats every small business should know about.
It's not just the big corporations out there that fall prey to cybersecurity threats. In fact, small businesses are increasingly becoming alluring targets for cybercriminals. Why? Well, because honestly many fail to invest adequately in digital security measures. Some owners are operating under the dangerous myth of "we're too small to matter." Yet, over 40% of cyber attacks are targeted to small businesses.
To be clear, cybersecurity is a need for companies of all sizes. It is not a luxury—it's a necessity—cybercriminals don't care if you have only a few employees when it's your client data and bank account that they are after. Businesses of all sizes face an array of cybersecurity threats, which can cause significant financial and reputational damage. In some (thankfully rare) cases, it can lead to you going out of business.
Cyber attacks cost small businesses between $84,000 and $148,000.
Let's be proactive, shall we? Start by familiarizing yourself with the biggest cybersecurity threats out there. This knowledge (and a call to us) is your first line of defense!
Common Cyber Security Concerns
While these are common cyber security threats for companies of all sizes, small businesses can be more impacted should an issue occur.
The 5 main issues we come across are:
- Phishing
- Ransomware
- Malware
- Data Breaches
- Disgruntled Employees
Phishing
One of the most common cybersecurity threats facing small businesses is phishing. This involves fraudulent attempts to obtain sensitive information; think usernames, passwords, and credit card details by disguising oneself as a trustworthy entity in electronic communication.
Phishing can occur through various channels, including email, phone calls, and text messages. Small businesses are often targeted because they may not have robust security measures in place, and the criminals know that.
If you've ever panicked due to potential phishing, give our IT experts a call. We're happy to make sure your data is still secure and put actions in place to protect you in the future.
Ransomware
Another prevalent threat is ransomware, a type of malicious software designed to block access to a computer system until a sum of money is paid. Usually, a large amount of cryptocurrency that's hard, if not impossible, to trace. It often enters a system through a phishing attack or by exploiting a software vulnerability.
We know ransomware can be particularly devastating for small businesses, as it can halt operations and lead to significant financial loss. Some companies are down for months while they work to fix a ransomware attack.
Tampa Bay is known for our hospitality industry. Imagine if you were like the Northern Inn (in AK), they fell victim to a credit card skimming attack. Cybercriminals hacked into the hotel's reservation system and installed malicious software to steal credit card information from their guests. The breach lasted for almost four months before it was detected, during which time the personal data of thousands of guests was compromised. The incident resulted in significant financial losses due to reimbursements and damaged the hotel's reputation. Leading to loss of future profitability.
Whether you're a hotel, a law firm, a school, or even a church, you must take proactive measures to protect yourself from ransomware.
Malware
Malware is also a significant threat to small businesses. It can be introduced to a system through a variety of means, such as malicious email attachments, infected software apps, or compromised websites.
Basically, this encompasses various forms of harmful software, including viruses, worms, and spyware. Malware can damage or disrupt systems, steal sensitive information, or gain unauthorized access to networks.
To protect against cybersecurity threats, our clients often invest in reliable and updated security software. This includes antivirus programs, firewalls, and email filters. They find these tools can help detect & block malicious software and suspicious activities.
Don't Forget about Data Breaches
Data breaches are another common cybersecurity threat. These occur when unauthorized individuals gain access to confidential data, often with the intent to steal or publish it.
This one is really on the rise. Small businesses may be targeted for their customer data, which can include personal information, credit card details, and other sensitive data. These data breaches can result in significant reputational damage and financial loss for the company, especially in the medical or legal fields.
We suggest all businesses regularly back up data. In the event of a cyber-attack, having a recent backup of all important company data can minimize the damage. This backup should be stored in a secure, offsite location or on a cloud service like ours with strong security measures in place.
Or, Disgruntled Team Members
Clearly, insider threats pose a significant risk to small businesses. These threats can come from disgruntled employees, contractors, or other insiders who have legitimate access to the company's systems. These threats can be particularly difficult to detect and prevent, as they often involve the misuse of authorized access to systems and data.
While we're computer experts, not HR, our partners do recommend having a strong company policy around the use (or misuse) of IT. Employee training is another critical preventive measure. Take the time to educate your team on the importance of cybersecurity, how to identify potential threats such as phishing emails or suspicious links, and what to do if they encounter a threat.
Gain Peace of Mind with IT Resources
Remember to always keep cybersecurity at the forefront of your mind. It is a shared responsibility. Your team must take proactive steps towards enhancing security or risk a debilitating data attack.
If you want to have peace of mind, not to mention protected data, consider hiring a cybersecurity professional to partner with your small business. IT Resources can provide expert advice, help identify potential vulnerabilities, and develop a comprehensive security plan tailored to the business's specific needs. Call us today for a cybersecurity and IT consultation.
