Very few threats have the immediate impact on a business’s ability to survive than that of a cyber attack. That is why even small businesses need cybersecurity in place. Let’s take a closer look at these threats and what you can do about them.

Why Is Cybersecurity Important For Small Business?

As technology becomes more pervasive and intertwined with our lives, cybersecurity has become a paramount concern for businesses of all sizes. Small businesses especially need to be aware of the cybersecurity threats they face, as a data breach or other cybersecurity incident can have devastating impacts on their business. Strong cybersecurity practices are essential in protecting your small business’s sensitive information and resources from malicious actors. 

Are Small Businesses At Risk For Cyber Attacks?

Small businesses are just as vulnerable to cybersecurity threats as larger corporations. In fact, due to their limited resources and often limited cybersecurity knowledge, small businesses may be particularly at risk for cyber attacks. Cybercriminals often target small businesses because they know that the company has fewer resources to devote towards cybersecurity measures, making them an easier target than larger companies with more sophisticated cybersecurity systems. 

What Percent Of Small Businesses Have No Cybersecurity Protection?

A staggering percentage of small businesses lack any form of cybersecurity protection — just 25%. This leaves them vulnerable to cyber attacks, potentially causing devastating financial and reputational damage. 

Cybersecurity Statistics For Small Business

It seems like these numbers get scarier every year, as the “hacking” ecosystem continues to expand. Here are some numbers that might get you thinking about your small business cybersecurity needs:

• Over 40% of cyber attacks target small businesses.
• Approximately 60% of small businesses that fall victim to a cyber attack go out of business within six months.
• Only around 25% of small businesses have sufficient cybersecurity measures in place.
• Human error accounts for about 90% of data breaches — we think it’s more like 100%.

What Can Small Businesses Do To Protect Against Cyber Attacks?

Three primary things you can do to mitigate your risk of a cyber attack are as follows:

• Employee training and awareness: Educate employees on cybersecurity best practices, including recognizing phishing emails, securing passwords, and handling sensitive data responsibly to minimize the risk of human error.
• Regular software updates: Keep all software, including operating systems, applications, and security tools, up to date in order to patch known vulnerabilities and enhance overall security.
• Implement strong password policies and multi-factor authentication (MFA): Encourage the use of unique, complex passwords and enable MFA for sensitive accounts to provide an additional layer of security beyond just passwords.

In addition to the above best practices, you want to make sure you’re keeping an eye on your data and your network — monitor, detect, and respond to suspected attacks.

Conclusion

Many small business owners think they’re too small to show up on hackers’ radars.  Well, the fact is, most hackers are actually just bots — script programs — that go out sniffing for vulnerabilities. That’s why so many small businesses get hit with malware, ransomware, phishing schemes, etc.

There are some very simple basic steps you can take to keep your business safer from these bad actores.

Contact our team today to learn more and protect your business and your customers’ information from these attacks.