The Real Cost of Small Business Cyber Attacks

The Real Cost of Small Business Cyber Attacks

Small business cybersecurity is one of the best investments that a small business can make. The security landscape shifts every month, and almost half (46%) of all security breaches affect small- and medium-sized businesses.

Protecting against many of the breaches last year would have been possible by following basic security measures.

The Cost of Cyber Attacks Against Small Businesses

Hackers attack small business owners because it’s easier. IBM reports that the cost of a breach rose last year, with costs of up to $653,000 for a single breach. Remaining diligent and protecting against the most common attacks can reduce your risk of being a victim drastically.

Methods to Protect Against Small Business Cyber Attacks

The most common attacks against a small business involve:

  1. Inside Attacks
  2. Malware
  3. DDoS
  4. APT Attacks
  5. Man in the Middle Attacks
  6. Phishing
  7. Password Attacks
  8. Ransomware
  9. More

Your small business may not have the resources to protect against every attack or even know what they involve. Still, the following security measures should be implemented as soon as possible:

  1. Enable two-factor authentication company-wide to help reduce the risk of password cracking.
  2. Encrypt any sensitive and personal data to reduce the risk of data being exploited if a hacker gains access to it.
  3. Put data backup solutions in place to have a fast and easy means of retrieving data if a breach does occur.
  4. Add software update policies to the business to ensure that when critical updates are available, IT can push the updates rapidly.
  5. Educate all employees on best practices, including ways to prevent phishing.
  6. Install anti-malware and anti-virus software to limit the risk of unwanted threats being successful.

Businesses need to work with security professionals to find ways to implement formal security measures. Security professionals can test current systems to try and identify whether any weaknesses exist and correct them first before proceeding to more advanced measures.

Additionally, a business should have formal security policies put in place that help prevent common security issues from occurring, such as password requirements that force employees to follow best practices when making a password.

Networks can be further strengthened with monitoring tools that prevent clicking and downloading any potential threats in email. Two-factor authentication should also be part of any modern security policy because it makes it nearly impossible to infiltrate an account through password cracking.

As a team that offers cybersecurity in Miami, we recommend that business owners take a proactive approach to their company’s security. Proactive measures reduce the risk of an attack and make you an undesirable target.

Hackers aim to find weaknesses in a business that are easy to exploit.

If you follow the best small business cybersecurity practices above, you’ll secure your business to protect against the most common weaknesses. Recovering from a data breach or security infiltration is possible, but it’s a major expense. If you take precautions now, you can reduce the risk of issues in the future. Your business and customers deserve top-tier digital security.