Cyber Attacks on Small Businesses Increase
Cyber attacks are growing in both frequency and severity, particularly against small businesses. Industry experts estimate that cybersecurity incidents will costs businesses over $5 trillion within the next five years alone.
Malicious hackers know the majority of smaller organizations are not prepared against network security breaches, making them popular targets for cyber attacks.
Smaller companies must implement a robust security strategy to defend sensitive information against ever-present cyber threats. In the past year alone, 47 percent of small businesses experienced a cyber attack—and out of those, 44 percent experienced more than one.
The average cost of a cyber attack has exploded from $34,000 to just under $200,000 per single incident, according to Hiscox’s 2019 Cyber Readiness Report. This is a setback that many small businesses can’t recover from.
Every Organization Is at Risk to Experience a Breach
Small businesses across all types of industries are vulnerable to security breaches. As IT infrastructures become more complex to support the growing digital demands of today’s companies, security measures need to evolve to support these sophisticated setups.
Cyber criminals are already way ahead of the curve, so much so that virtually every organization will experience a breach at some point. For small companies today, it’s not a matter of if a cybersecurity incident will happen, but when.
Making small business network security a priority is a must as cyber attacks continue to grow. Unfortunately, most organizations of this size aren’t yet on track.
With cyber criminals exploiting network vulnerabilities companies may not even be aware of, developing an approach based on your particular risks is key to successfully mitigating these devastating attacks. Many organizations have no type of plan in place in the event of a breach, let alone the necessary protection to prevent an infringement in the first place.
For Small Businesses, the Damages Are Difficult to Overcome
Could your business handle a $200,000 security breach? What about multiple breaches?
The damage, for most of these smaller companies, can quickly add up.
This is particularly true if a threat infiltrates a system and goes undetected—which is entirely possible when network monitoring and automated threat detection mechanisms aren’t in place.
In addition to monetary damages as the result of cyber attacks on small businesses, these companies also have to shoulder legal fees, compliance penalties, loss of reputation, and loss of customers.
These consequences can easily bankrupt a business. In fact, an estimated half of small businesses close within six months after a cyber attack.
Organizations are constantly at risk and need to adopt a comprehensive security strategy to prevent a cyber threat, mitigate damage should an incident occur, and adopt risk management policies. By doing so, these companies can protect their assets and make it easier to recover after an attack.
Enhance Your Network Security
Taking a multifaceted approach to cybersecurity is your best bet to avoid a cyber attack. Most small companies house sensitive information, and so are at risk of being targeted by malicious hackers.
Here are a few steps you can implement as part of a more extensive strategic approach to augment your small business network security.
While cyber attacks on small businesses can originate inside or outside a company, employees are often considered the biggest threat to smaller organizations. A reported 43 percent don’t receive regular cybersecurity training, and eight percent have received no security training whatsoever.
But the mindset that employees are responsible for helping to maintain network security is crucial to preventing an attack.
All personnel at an organization should receive cybersecurity training every few months to stay current on the latest attacks and do their job to prevent a breach.
Whether it’s recognizing and reporting a phishing email or identifying when something isn’t right in the network.