Why Do Small Businesses Need to Pay More Attention to Cybersecurity?

The latest pace of digitalization enables companies across diverse industries to leverage new-age technologies such as AI, IoT, Cloud Computing and more. However, adopting these technologies or simply moving to the cloud also creates an attack surface that can cost not just the organizations’ budget but also their reputation. Many industry reports found that most of the cyberattacks, last year, targeted small businesses. Thus, it is imperative to ensure cybersecurity must be an essential part of the business plan.

Unlike large enterprises, small companies are easier to hack. They don’t have adequate resources to set up protective barriers. As large companies pour huge amounts of time and capital to strengthen their digital assets and prevent cyberattacks and fraudsters, several small businesses may not make cybersecurity a priority due to the limited budget.

According to a survey from the Bank of America Merchant Services’ Small Business Payments Spotlight, breaches of small businesses are becoming more common and costly. Over 1 in 5 SMBs reported a data breach within the last 24 months, which is up by 17 percent from two years ago. Conversely, 41 percent of small businesses suffered a breach that cost more than US$50,000 to recover from.

Cybersecurity Assessment for SMBs

Every business that makes use of the Internet is accountable for developing a culture of security that can boost business and consumer trust and confidence. For making any security strategy it requires to assess a complete cybersecurity landscape that can provide an excellent way for businesses to reap insight into exactly what their vulnerabilities are and how to address them.

There are various cybersecurity approaches small companies can embrace to maintain their business. It will be good enough to train employees in security policies. Establishing robust guidelines within the company can describe how to handle and safeguard customer information and other vital data.

Having the latest, up to date security software, web browser, and operating system can also be a better method for cybersecurity. Because they can protect businesses against viruses, malware, and other online threats. Setting up firewall security for the internet connection also prevents outsiders from accessing data on a private network. In addition to this, making regular backup copies of significant business data on all computers, including word processing documents, electronic spreadsheets, databases, financial files, human resources files, and accounts receivable/payable files, can thwart against potential cyberattacks.

The recent cyberattacks could be a wake-up call for small businesses. Thus, they need to create a security strategy that accounts for all the data assets it has to protect, analyze its vulnerabilities, detail an explicit plan of action for securing those vulnerabilities and enable training for every employee.