Cybersecurity Month: Protecting Your Small Business
This October marks the 20th Cybersecurity Awareness Month, a time when individuals and organizations are encouraged to evaluate online security. This year, the Cybersecurity & Infrastructure Security Agency launched a new awareness campaign called Secure Our World, aimed at educating the public about cybersecurity. Its goal is to offer accessible methods for individuals and small to medium-sized businesses to defend against online threats and actively confront cybercriminals. Small businesses face a growing threat from cyberattacks, which can cause financial losses, reputational damage, and disruptions to supply chain and operations. While cyber threats pose a risk to all businesses, small businesses without dedicated IT departments are especially vulnerable. With 33.2 million small businesses powering the U.S. economy, business owners should be proactive about safeguarding their digital assets.
Cyberattack Threats Increasing for Small Businesses
The rise in cybercrime is affecting companies of all sizes, from major corporations to small businesses. The recent high-profile cyberattacks on Clorox and MGM Resorts International and had far-reaching consequences, impacting customer experience and causing delays in manufacturing processes. Unfortunately, industry experts expect more cybercrime in the years to come. Accenture’s Cybercrime Study reports that nearly 43% of cyberattacks are targeted at small and medium-size businesses. The study also found that only 14% of these businesses are prepared to handle these types of attacks. Recognizing and implementing strategies to protect businesses from cyber threats is essential. When it comes to security threats, malware, ransomware, social engineering, phishing, credential theft, and distributed denial-of-service (DDoS) are among the most prevalent. The consequences of cybercrime are far-reaching and costly, resulting in lawsuits, increased insurance rates, ongoing criminal investigations, and negative publicity.
Cybersecurity Issues Small Businesses Encounter
Cybercriminals often see small businesses as soft targets due to their perceived limited resources, such as budget constraints, a shortage of specialized expertise, and less comprehensive security policies. However, many small businesses can adapt to address cybersecurity threats and effectively safeguard their operations. Some of the most common cybersecurity issues small businesses encounter are:
- Limited Budgets: Comprehensive cybersecurity solutions are expensive investments.
- Lack of Expertise: Cybersecurity is a complex field, and some small business owners lack in-house expertise to navigate it effectively.
- Inadequate Training: Employees are often the weakest link in cybersecurity. According to the World Economic Forum, human error is the leading cause of cybersecurity breaches, accounting for 95% of incidents.
- Insufficient Tools and Technology: Small businesses that struggle to keep up with the latest software and hardware advancements are vulnerable to cybersecurity attacks.
Cybersecurity Best Practices for Small Businesses
While small businesses manage a variety of cybersecurity issues, they can enhance their security strength by following industry-wide best practices.
- Educate the Team: Provide basic cybersecurity training to employees. Teach them about the risks of clicking on suspicious links or downloading unknown attachments. Make sure employees know how to create strong passwords and encourage two-factor authentication.
- Invest in Cybersecurity Software: Tools that help detect and prevent cyber threats are essential. Antivirus, anti-malware, and firewall software can minimize risk.
- Regular Updates: Ensure operating systems, software, and applications are up to date.
- Secure Your Network: Consider setting up a Virtual Private Network (VPN) to protect data transmitted over your network. Secure Wi-Fi networks with strong password protection.
- Back Up Data: Regular data backups protect data from ransomware attacks and other cyber threats.
- Government Resources: Check resources available to small business owners designed to help educate and protect business owners.
With increasing dependency on digital systems and the rise of AI, cybersecurity is increasingly important for small businesses. Main Street businesses face unique challenges that require proactive measures to protect digital assets and sensitive data. Educating teams, investing in cybersecurity software, updating systems, and utilizing government resources are key steps for small business owners to strengthen their cybersecurity defenses. When businesses invest in cybersecurity measures, they not only protect themselves from threats but also boost their business' value.