Safeguarding your small business from cyber threats
In today's digital age, the size of your business doesn't matter when it comes to cyber threats. Small and medium-sized businesses (SMBs) are increasingly vulnerable to these digital dangers. While some may think that cyber threats only target larger corporations, recent research conducted by SAGE paints a different picture. Shockingly, 48% of SMBs have fallen victim to cyber security incidents in the past year alone, and over 90% believe cyber-attacks will continue to rise in the coming year. It's high time small business owners act to protect their digital operations.
How can you prepare your business?
So, how can SMBs get ready for this digital battleground? The first step is recognising the need to invest in cyber security. However, before you start spending money, it's crucial to address the gaps in knowledge and education.
Understanding the threat
Cyber threats come in various forms, all aimed at causing harm, stealing sensitive data, or disrupting digital operations. These threats can result in severe consequences, including financial losses, erosion of customer trust, and even legal repercussions. Cyber attackers can come from anywhere, including criminal organisations, activist groups, or foreign governments.
The arsenal of cyber attackers
Cyber attackers employ various tactics, often combining methods to achieve their sinister goals. An effective defence requires robust security measures, quick responses, transparent communication with stakeholders, and a well-defined plan for getting back on your feet after an attack. Given the complexity of modern cyberattacks, businesses should employ multiple layers of defence to detect and disrupt threats as early as possible.
Common forms of cyber threats
While the digital threat landscape keeps evolving, three major threats persistently haunt businesses:
Phishing Attacks: These crafty schemes involve fraudulent emails, texts, or calls designed to trick individuals into revealing sensitive information or taking actions they wouldn't typically do.
Malicious Software (Malware): Malware is engineered to gain unauthorised access to IT systems. Ransomware, a particularly nasty type, encrypts data and demands a ransom for access restoration.
Software Vulnerabilities: Attackers exploit weaknesses in software to access devices and systems. As soon as new vulnerabilities emerge, attackers are quick to adopt them, posing a significant risk to businesses.
A typical cyber-attack might begin with a phishing attempt, luring an employee into clicking a malicious link. This download initiates malware, exploits a software vulnerability, and grants the attacker access to interconnected systems.
Know thy enemy: understand your business's cyber risks
No organisation can promise absolute protection against cyber threats. To manage risks effectively, understand your business's specific threats and prioritise protection accordingly. For example:
If you run an online store, focus on securing your website, protecting customer transactions, and safeguarding data since these are prime targets for cybercriminals.
If your business relies on operational technology, safeguard it, even if it's not the main target. Collateral damage from an attack can severely disrupt your operations.
Don't be a sitting duck: avoid common mistakes
Cybercriminals invest time and effort in finding vulnerabilities they can exploit, often targeting individuals and capitalising on small mistakes. Here are some steps to protect your business:
Use strong passwords and enable 2-Factor Authentication (2FA) on all accounts. Even if your password is compromised, 2FA adds an extra layer of security.
Keep your software updated to prevent vulnerabilities from being exploited. Configure automatic updates and promptly install critical patches.
Regularly back up critical business data in separate locations. Many cloud services offer automatic backup solutions, enhancing your security.
Recognise that not all assets can be protected equally, so prioritise measures like 2FA and employee security training based on your most significant risks. This approach is the most effective way to manage cybersecurity risks and keep your small business safe in this digital age.
Resources:
https://www.sage.com/en-za/blog/understand-prepare-cyber-security-threats-small-business/
