Why Small Businesses must take cybersecurity seriously as we approach the festive season 

As a small business owner, you wear many hats. From handling operations to ensuring the company reaches its internal and external objectives. You practically have a lot on your plate. However, there’s one vital aspect that can’t be ignored: Cybersecurity.

In today’s digital age, small businesses have become prime targets for cyber attacks. And the consequences can truly be detrimental to your business.

Cyber attacks on small businesses are increasing rapidly. A report has shown 43% of cyber attacks target small businesses, and 60% of those attacked businesses go out of business within 6 months. Terrifying, right? That just highlights how damaging it is to be a victim of cyber attack.

So why exactly are small businesses so exposed to cyber attacks? Let’s detail some of the reasons below:

•Small businesses often don’t pay much attention to the digital side of security. They also tend to lack resources and expertise to implement robust security measures

•They may have vulnerable systems, softwares and employee practices. 

•Relying on third-party vendors: Small businesses often do business and rely on third-party Vendors. These vendors may have vulnerable easy-to-hack systems or practices

•Complacency: Small businesses tend to assume they aren’t really the targets. Or even underestimate the risks associated with cyber attacks. This is something that hackers are very much aware of.

•Rapid technology adoptions: Small businesses may adopt new technologies before fully understanding the security implications.

When attacked, the consequences can be really devastating. Some of then include:

Financial Loss: Recovery costs, legal fees, and lost revenue

Reputation damage: A breach can wipe out all the trust and loyalty your client had.

Operational disruption: Cyber attacks can halt business operations,  causing lost productivity and opportunities 

Regulatory Penalties: Depending on the industry, there could be fines the business has to pay

Now let’s look at what makes small business vulnerable:

Limited resources: As a small business, the focus is mainly on expanding and reaching new audiences. Hence there isn’t much investment in security measures

Lack of expertise: Small businesses mostly don’t have a dedicated IT department or cybersecurity experts.

Vulnerable Systems: Outdated software, faulty network and weak passwords can create easy entry points

Employee risks: Untrained employees can inadvertently compromise security phishing, social engineering or poor password practices.

Now that we’ve outlined certain repercussions and aspects that lead to businesses being attacked, let’s look at how these businesses can protect and practice safety measures.

Implement strong authentication practices: 

Like two-factor authentication, you can and should make use of the Multi-factor authentication(MFA) for accessing sensitive systems and data. It is similar to 2FA, but just more secure.

It provides an extra crucial layer of security that is beyond just passwords. And thus making it hard for any unrecognized individuals to access your data.

Educate your employees:

An informed staff is less likely to fall victim to any social engineering tactics and other cyber crimes.  Invest in providing regular training on recognizing phishing attempts,  safe browsing practices and secure handling of customer data.

Update your systems regularly:

Ensure that your softwares are always up to date with the latest security patches. An outdated software is like a playground for cyber attacks. This makes it easy for hackers to access and manipulate your data.

Monitor and respond to threats:

Establish a monitoring system to detect any unusual activity and potential security breaches. Having an incident response plan in place helps you address and mitigate cyber threats that arise

Backup data frequently:

This ensures that in case they might succeed in breaching your system, you’ll still be in a pole position to recover your data. It obviously wouldn’t be the same as not being hacked, but it would be more costly and impossible to try and recover if there wasn’t any solid backup plan.

With the festive season approaching, small businesses must really have a thorough internal inspection of their cybersecurity. The festive season will bring along a huge number of online activity, higher risks of attacks, hence the business should stress the idea of implementing a robust cyber security structure in order to maintain and protect their customer data.

It’s always a great idea to invest in comprehensive cybersecurity strategies and train your employees as this can protect your business from the myriad threats that accompany the festive season. 

In an era where industries are resorting to the digital side of running their businesses,  cyber attacks are something they should be wary of. Having a strong cybersecurity system isn’t just about safeguarding your data, but also about securing the future for your business by eliminating any doubts of attacks and ensuring the reputation of the company will never get tarnished.

Remember Saturated is your one-stop-company for all digital related aspects for your business. Do follow us to gain more insightful details as to implementing the best cybersecurity structure for your business.