As a small business owner, you’re responsible for a lot, from daily operations to financials to strategic planning. You ensure things run smoothly to position your business for growth, yet you may be overlooking one key obstacle to success: cybersecurity.
Today, cyberattacks are the fastest growing crime, and small businesses are prime targets. Last year, more than 60% of small businesses reported at least one attack! Malicious actors are using increasingly sophisticated tactics to steal sensitive data from small and unprepared organizations, just like yours. A damaging attack can lead to significant downtime and financial costs. It can also tarnish your reputation or even shutter your business altogether.
Now is the time to protect your business from these pervasive attacks. The first step is to understand the latest threat landscape for small businesses. Here, we share the top three threats you’re likely to encounter this year—and the best steps you can take to prevent them.
Ransomware is on the Rise: Invest in Data Backup and Disaster Recovery
By its own nature, ransomware is intentionally hard to identify. Ransomware attacks often originate with a single email, disguised to look legitimate and trusted. A user clicks on a link in the email and unknowingly downloads malicious malware onto their device. Once installed, the malware encrypts and locks files, until a hefty ransom is paid.
Ransomware made up nearly 70% of all cyberattacks last year. For example, here in Wisconsin, we’ve seen a rise in ransomware attacks on local school districts as well as attacks on community banks and an employee-owned milk processing company, which had to halt production and shipping as a result. And it’s getting worse. Recently, we’re seeing “double extortion” attempts, where hackers attempt to collect the ransom twice before the data is released, if ever.
The best way to protect your small business is to have a robust data backup and disaster recovery plan in place. If you have a copy of all of your data, an attacker can't really hold anything ransom. Not only will this help thwart a ransomware attack, but it will also protect your business from other unforeseen disasters, like human error, fire or flood, or even another world-changing pandemic. Here’s more Ransomware Do’s and Don’ts.
Data Breaches are Costly: Install Protective Software and Update your Passwords
You’ve probably heard of some of the biggest data breaches in recent history, like Capital One and Equifax. But small businesses are far from immune—in fact, they’re the target of 43% of all data breaches. Among companies with fewer than 500 employees, the average cost per data breach is a whopping $3 million!
Typically, when a data breach occurs, a company’s data and files are stolen or taken from a system without knowledge. This can lead to unauthorized disclosure of sensitive information, like names, contact information, account information, and, in some cases, social security numbers and passwords.
Protect your small business by ensuring you have up-to-date and robust security software in place. At N8 Solutions, this is exactly why we offer Malwarebytes, a leading anti-malware software to protect all of your business endpoints from data breaches and other online threats. Another good rule of thumb is to change your passwords often (and generate strong passwords), but this can be burdensome for employees. We also offer a best-in-class password management tool to help you keep track of tricky passwords.
Zero-day Vulnerabilities: Identify Weaknesses before the Hackers Do
Another threat you’re likely to face this year is a zero-day vulnerability, in which attackers take advantage of a specific weakness in your software or system. These vulnerabilities are typically discovered by cybercriminals before you (or your software vendor) is even aware it exists, and before it can be patched. And by then, it’s too late.
Zero-day vulnerability attacks can infiltrate even the most seemingly secure software, like Microsoft Office. A zero-day vulnerability was detected in the software about two months ago, and it’s still being exploited in the wild. Microsoft has since published workarounds for the flaw, but this event reminds us that hackers are relentless and nothing is 100% secure.
However, you can take steps to better protect your small business by installing secure firewalls and ensuring that you not only have antivirus software but that it’s continually updated and patched. Another smart move is to consult a trusted third party, like N8 Solutions, to conduct a vulnerability assessment across your business. We can help you identify weaknesses before attackers do.
We hope this post helps you understand some of the biggest threats you’ll face this year, and why you should invest in cybersecurity. Nearly two-thirds of small businesses will go out of business within six months of a cyberattack. We don’t want you to be one of them. Please get in touch today to take the first step with your free vulnerability assessment!