Cybersecurity threats have been an issue for years. Companies like Yahoo, PlayStation Network, and NASA faced immense cyber attacks that caused them days of downtime and millions in losses. However, cybersecurity threats are a problem for small businesses, too. In fact, small businesses are more vulnerable due to their lack of security and resources. Let’s learn more about common cybersecurity threats facing small businesses today and how to battle them.
Phishing Attacks
Phishing is one of the most prevalent attacks ever. In the US alone, it is the most common tactic used by criminals online. They tend to impersonate big corporations and reputable emails to pressure users into clicking on a malicious link or button, downloading fraudulent files, or inputting sensitive data. Through phishing, they can retrieve any information needed to hack into a system.
Why phishing? This type of attack is highly effective and doesn’t require many resources. Thieves can also use phishing to open the door to other more complicated attacks, such as malware spread, data breaches, or unauthorized account access.
Preventing Phishing
- Use a multi-factor authentication tool for user verification. In addition to the username and password, the account owner will have to confirm with their thumbprint or face ID. Even if log-in credentials get stolen, the thieve won’t be able to access the account this way.
- Train yourself and your staff to identify and report phishing emails or messages. Use security training tools to replicate phishing emails and inform your employees on how to stay aware.
Ransomware
As we have already discussed, phishing can be an easy gateway to malware and ransomware. Yet ransomware can also happen as a separate cyberattack. It’s code that spreads through emails, website downloads, and hardware connected to your devices.
Unfortunately, ransomware is one of the scariest types of cyber attacks because it steals personal data and locks it away from the owner. If you do not pay ransom, the criminal releases this information to the masses. This causes huge financial and data loss. And in case your data is not backed up, you’re more likely to pay the demanded money.
Preventing Ransomware
- Back up your business data and store it in the cloud. Create a data recovery plan and data loss prevention steps to implement within your team.
- Educate your staff on possible ransomware tactics and how to avoid them.
- Invest in software that will protect your business from losing important data.
Data Breaches
Data breach is an umbrella term for all possible tactics that involve stealing personal information. When it comes to attacking small businesses, it can involve malware, ransomware, phishing, and others. Whether an ex-worker or a professional cybercriminal targets you, it’s important to recognize that you are not alone. 50% of small businesses experienced the same issue back in 2015 and 2016.
Preventing Data Breaches
- Incorporate two- or multi-factor authentication in your business accounts to protect them from unauthorized access.
- Educate your workers on spotting fake corporate emails. If possible, invest in software that recognizes malicious emails and messages.
- To bolster your security, understand the differences between proxy vs. VPN services. While proxies serve as a good safeguarding mechanism, they don’t encrypt traffic. Moreover, one proxy will not work for all applications on your work PC. Consult a professional to decide whether proxies or VPNs would work the best for your business.
Weak Password Policy
In 2020, Verizon worked on a yearly report about data breaches. The company found that 80% of the breaches were connected to passwords. They were either weak, stolen, or compromised.
Cybercriminals no longer have to guess your passwords – they’re free to buy a program that does it for them. Your short password will be guessed and used to access your small business network in a few minutes. Then, they’re free to hold your data for ransom, pretend to be your employee, or wire a transfer from your bank account. That is why a weak password policy in your company can ruin your business.
Preventing Weak Password Policy
- Guide your team through the new password policy and teach them what makes up a strong password. Make sure they use upper and lower-case letters, numbers, and characters. Encourage them to use phrases and sentences as their passwords.
- Limit the number of times someone can attempt to log into their business account with the wrong credentials.
- Change business passwords every 90 days.
- A reputable business password manager should be used to keep all credentials in place and increase security with multi-factor authentication (MFA).
Approach Small Business Cyber Safety Responsibly
Small businesses are a target demographic for cybersecurity threats. Fortunately, they can be prevented with responsible company policies. Conduct courses on cyber safety for your employees, where they can learn the proper approach to guarding business data. Work with your IT team to invest in state-of-the-art cyber safety software and hardware. Your small business is in your hands.
Kyle Lewis is a seasoned technology journalist with over a decade of experience covering the latest innovations and trends in the tech industry. With a deep passion for all things digital, he has built a reputation for delivering insightful analysis and thought-provoking commentary on everything from cutting-edge consumer electronics to groundbreaking enterprise solutions.
