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Many small businesses believe that cyberattacks only happen to large corporations. However, that couldn’t be further from the truth. In fact, many small businesses have fallen victim to a cyberattack. If you’re a small business owner and you’ve thought this way before, you’re not alone. It’s a common misconception that small businesses are less likely to be targeted by cybercriminals. Did you know that 43% of small and medium-sized businesses (SMBs) have fallen victim to cyberattacks? According to the 2023 Verizon Data Breach Investigations Report. Alarmingly, more than 60% of them go out of business after they’ve been attacked. In this article, we will review five cybersecurity tips for small businesses.
While cyber threats can seem overwhelming and complex, many breaches are enabled by simple cybersecurity oversights. Are you making any of these common cybersecurity mistakes in your small business? If you are making these mistakes, a great first step is contacting Workplace I.T. Management to get a risk-free security assessment of your business. We provide I.T. solutions for small businesses and can help your businesses stay protected.
1. Underestimating the Threat Landscape
A staggering 59% of small business owners with no cybersecurity protection believe their size makes them too small to be attacked, according to strongdm.com. As a small or medium business owner, it’s easy to think that your business is small enough that no cybercriminals would discover you. However, underestimating cybersecurity threats can be a terrible mistake. Cybercriminals often view small businesses as easy targets due to perceived vulnerabilities. All businesses, irrespective of their size or industry, are potential targets. Proactive measures towards cybersecurity are crucial for survival in today’s digital landscape.
2. Neglecting Employee Training
The human factor is often the weakest link in an organization’s cybersecurity chain. Small businesses frequently overlook the importance of regular employee cybersecurity training, with only a small amount providing regular ongoing training to protect themselves from cybersecurity threats. Employees must be trained to recognize phishing attempts, understand the importance of strong passwords, and know cybercriminals’ various social engineering tactics.
3. Using Weak Passwords
Weak and reused passwords are a significant security vulnerability in small businesses. It’s essential to encourage employees to use strong, unique passwords and consider implementing multi-factor authentication (MFA). In an I.T. report by Spiceworks, they found that 54% of small businesses use weak or reused passwords. Strong password management adds an extra layer of security and can significantly reduce the risk of a breach.
4. Ignoring Software Updates
Outdated software and systems are an open invitation to cybercriminals. Regularly updating your software, operating systems, and antivirus programs is essential to keeping your business safe. These updates often include patches for known security flaws that hackers can exploit if left unattended.
5. Lacking a Data Backup Plan
According to industry research, only around 38% of small businesses have a formal data backup and recovery plan in place, showing that many small businesses assume data loss won’t happen to them. However, data loss can occur for various reasons, including cyberattacks, hardware failures, or human errors. Regularly backing up critical data and testing these backups ensures you can swiftly recover in the event of a data loss incident. If the thought of losing all your valuable data wasn’t enough, the average data breach cost for a business with fewer than 500 employees is $2.98 million, and the average cost per breached record is $164, according to Ponemon Institute’s 2023 Cost of Data Breach Study. Workplace I.T. management can help you create a plan and backup your data so you’ll be protected in the event of a disaster.
Following these cybersecurity tips for small businesses can significantly reduce your risk of falling victim to a cyberattack. Remember, cybersecurity is not an expense; it’s an investment in your business’s longevity and reputation. Stay informed, stay vigilant, and most importantly, stay secure.
For more insights and advice on ways to keep your business safe, contact Workplace I.T. Management today! We will provide a risk assessment for your business and explain how we can help keep your business secure.