Small Business, Big Risks: The Importance of SMB Cybersecurity

More companies are undergoing a digital transformation, making them vulnerable to SMB cybersecurity threats. Small and midsize businesses (SMBs) are equally, if not more, vulnerable to various risks and challenges. Unfortunately, cybersecurity for SMBs is often overlooked.

Regardless of size, every business must acknowledge that it is susceptible to potential threats. According to the National Cyber Security Alliance, 60% of small and midsize businesses that suffer from a cybersecurity breach close their doors in six months.

Research conducted by Tessian reveals that 43% of employees make mistakes that directly contribute to cybersecurity risks. This is an alarming SMB cybersecurity statistic. It is important to note that an overwhelming 85% of data breaches are caused by human error. 

What is the Importance of Cybersecurity in Small Business?

Cybersecurity for an SMB is important because it can help prevent data breaches and attacks that can jeopardize your business. It would be best if you embraced SMB cybersecurity because:

• It reduces financial liability: Cyberattacks come with a hefty price tag. Dealing with the breach, potential ransoms, and the consequences of lost business or lawsuits can add to significant financial burdens.
• It avoids damage to your business’s reputation: When a business experiences a cyber attack, its reputation can suffer greatly. Customers are concerned about the security of their data, and an attack can severely damage their trust. Rebuilding that trust can take years to accomplish.
• It reduces downtime for reputation: Operations can be severely disrupted by cyberattacks. This is especially critical for SMBs operating with narrow profit margins. Even a short period of downtime can have catastrophic consequences.
• It complies with necessary regulations: SMB cybersecurity regulations vary depending on industry (e.g. HIPAA). They must take steps to secure personal data to comply with these regulations. Failure to do so can lead to significant fines and penalties if a breach occurs.
• It protects private business data: Weak SMB cybersecurity risks employee and business data. A data breach can leak trade secrets and personal intellectual property.

What Is a Cybersecurity Threat for Small Businesses?

Cyberattacks and cyber risks are commonplace, but they don't all look the same. There are common forms of SMB cybersecurity threats you need to be aware of, such as:

• Phishing Attacks: Deceptive emails from cybercriminals are a common occurrence. They pretend to be trustworthy sources to trick individuals into disclosing sensitive information or downloading harmful software. Employees must remain vigilant and cautious when encountering such emails.
• Ransomware Attacks: Ransomware, malicious software, can deny businesses access to their data by locking it down. Hackers take advantage of this situation and demand a ransom to restore access. This causes severe financial harm and brings business operations to a complete standstill.
• Weak Passwords: Employees often make the mistake of using easily guessable passwords or reusing them across different platforms. This careless behavior increases the vulnerability to unauthorized access by hackers. It is crucial to emphasize the importance of creating unique and strong passwords for enhanced security.
• ​​Employee Insider Threats: Inside threats can be just as dangerous as external ones. Disgruntled employees or careless ones can leave gaps in your security solution that cause significant harm within an organization.
• Outdated Software: Regular software updates are crucial to maintaining system security. Neglecting to update software exposes vulnerabilities that hackers can easily exploit. Stay proactive and ensure your systems are always up-to-date to minimize the risk of potential cyber-attacks.
• Domain Name Server (DNS) spoofing: DNS spoofing is a sneaky attack technique that involves manipulating DNS records. The goal is to deceive users and direct them to fake websites that seem legitimate. This malicious act can result in grave consequences, compromising the security of users' sensitive information.
• Unsecured Networks: Connecting to unencrypted and open Wi-Fi networks exposes your sensitive data. This increases the risk of interception by malicious individuals. Protect your valuable information with network security.

Secure Your Business Against Cyber Threats

SMB cybersecurity is not a luxury or an afterthought for business owners—it's necessary. SMBs should invest in SMB cybersecurity tools and antivirus software. A comprehensive cybersecurity solution shouldn’t stop there for small business owners. SMB cybersecurity best practices often include a combination of software and proactive human actions.

Security measures should also provide regular employee training to tackle cyberthreats' increasing sophistication and frequency. Staying updated on the latest risks is a must to protect your business effectively. 

Taking a proactive approach with SMB cybersecurity consulting to safeguard your business's future. Ciracom Cloud's digital solutions can help prevent loss, secure your business against potential threats, and ensure long-term stability.