Cybersecurity For Small and Mid-Sized Businesses

The rise in the number and severity of cyberattacks continues to make headlines, and small and mid-sized business owners are increasingly concerned about the impact a cyberattack could have on their operations. Hackers no longer focus their attention on large corporations and actively try to steal valuable data and business information from smaller enterprises. Let’s take a closer look at why cybersecurity risks have risen for SMBs and what actions they can take to protect their assets.

Why Is Cybersecurity Important for Small and Mid-Sized Businesses?

Many small businesses believe that, unlike larger enterprises, they’re not attractive targets for hackers. However, hackers do attack SMBs because their networks also store data valuable to criminals, and small businesses often have less robust security measures in place than larger enterprises, making it easier to infiltrate an IT network.

Cyberattacks on small business networks typically focus on:

  • Installing malicious software to steal bank account details or sensitive business information or to hold data hostage until a ransom is paid.
  • Gaining access to customer data, including credit card numbers, Social Security numbers, and medical records.
  • Gaining access to larger companies by using an SMB’s digital connections to larger enterprises to infiltrate their networks.

Hackers use the data they collect to commit fraud, theft, or extortion, or they sell the data to other criminals. Neglecting cybersecurity is risky for SMBs and can lead to data breaches, business disruptions, downtime, customer frustration, and financial losses.

What Are Common Cybersecurity Threats?

Understanding cybersecurity threats will help you assess the risks to your business’s network and develop an effective cybersecurity strategy. Hackers use a variety of methods to gain control of computers and IT networks. The top threats to SMBs include:

Malware:

This type of software is designed to enable hackers to gain unauthorized access to a computer or network. A malware attack usually occurs when an employee downloads a virus or other malicious program from the internet or opens an infected email attachment.

Phishing:

This technique uses a fake, but convincing, email message that tricks an employee into clicking on a URL or opening an attachment that contains a virus. The hacker can then steal login credentials, account numbers, or other information.

Ransomware:

This type of cyberattack locks up computers and encrypts all their data. To regain access to its data, a business must pay a ransom to get a decryption key.

DDoS attacks:

A distributed denial of service attack occurs when a hacker floods a website or server with requests in order to overwhelm it and force it offline.

Attacks on software vulnerabilities:

Cybercriminals also target security vulnerabilities in popular internet platforms such as Facebook, PDFs and other types of files, and web tools such as Java. Failure to update software and the latest security patches leaves a network particularly vulnerable to attack.

Businesses must keep their security measures up to date because hackers are constantly devising new ways to gain access to business networks.

What Are The Key Components Of An Effective Cybersecurity Plan For SMBs?

An effective cybersecurity plan should minimize the risks of data loss by defending your network, servers, and devices against unauthorized access, malware, viruses, and other types of cyberattacks.

Risk assessment:

The first step is to assess your network’s vulnerabilities and identify the valuable data assets you want to protect. Factors to consider include software, hardware, remote employee devices, and your current security policies.

Malware, antivirus, and firewall protection:

These tools detect and prevent viruses and other malicious files from infiltrating your network.

Data security:

To keep your network safe, employees should be granted only the level of access to software and other network assets they need to do their jobs.

Strong password policies:

Strong passwords help prevent data breaches and other cyberattacks. Your password policies should be based on current best practices, such as using passphrases containing 14 characters or more.

Remote work policies:

Remote working arrangements can create vulnerable access points to your network. Develop firm rules about hardware and software usage, as well as authentication methods, for off-site workers to follow.

User education:

Cybersecurity training introduces employees to security best practices. It can also help reduce the risk that they will fall victim to phishing and other hacking schemes and help them spot and report potential security issues.

Constant updating:

To optimize network security, your software, hardware, and cybersecurity programs should be kept up to date. Make sure all security updates are installed immediately to eliminate known security vulnerabilities.

Backups:

All of your essential business information should be stored in more than one place so that you can restore your data if it’s stolen or destroyed. Offsite storage provides additional protection.

What Can SMBs Do?

Many small businesses don’t have the time or resources to handle cybersecurity effectively themselves. Expenses include hiring a qualified cybersecurity professional, continuously monitoring networks for potential breaches, and keeping antivirus, firewalls, and other security tools up to date.

To ensure the security of their networks and the stability of their operations, an optimal cybersecurity option for many SMBs is to hire a managed security services provider (MSSP). An MSSP can manage and maintain your IT security so your team can focus on your business.

Common MSSP services include:

  • Security risk assessments
  • System monitoring to identify potential breaches in real time
  • Penetration testing to assess vulnerabilities
  • Quick incident response
  • Scalability to keep pace with business growth
  • Off-site cloud data storage to ensure continuous backups
  • Other services to protect against ever-changing cyber threats

MSSPs offer 24/7 protection, access to cybersecurity expertise and the latest security technologies, and cost savings over building and maintaining an in-house cybersecurity solution.

Take The Next Step

In today’s competitive and evolving business environment, effective cybersecurity is essential for businesses of all sizes. Protecting your IT networks, sensitive information, and operations will ensure the long-term success of your business. Request a free network security assessment today.