Published on 04/24/2024 – Last Updated on 04/24/2024 by OTC
Cyber-attacks are becoming increasingly common, in particular those targeting small and medium-sized enterprises.
While we mostly hear about data breaches, ransomware attacks, and other hacking attempts affecting large companies, 50% of cyber attacks target small-to-medium sized businesses and over 60% of those attacked go out of business.
For many small businesses, understanding the latest cybersecurity technology can be almost as challenging as keeping up with emerging cyber threats and risks—never mind the ever-changing regulatory landscape and new compliance demands. Meanwhile, tight budgets can make getting ahead of increasingly sophisticated cyber threats even more difficult for smaller companies. That is why investing in a cybersecurity strategy should be at or near the top of the priority list of every small business in 2024.
How can small business owners bolster their cybersecurity positions despite persistent resource challenges, budget constraints, and accelerating change?
How can you avoid being hacked?
What should you do if a hacker steals all your data and demands a ransom?
If you do not know the answers to these questions, read and read again carefully this article…
The rise in cyber-attacks targeting small businesses is all the more worrying as it is accompanied by a rise in the adoption of new technologies. Indeed, 65% of small businesses have at least a basic level of “digital intensity“.
There is therefore a paradox between the competitive advantage businesses gain from adopting digital tools and the risk that this entails. While small businesses tend to optimize their activities through technology, they do not yet have the in-house expertise required to recognize cyber threats or to implement cybersecurity strategies. They are therefore a prey of choice for hackers.
It is crucial for small businesses to have a comprehensive understanding of the cyber threat landscape, as well as the associated risks and vulnerabilities. Unfortunately, there is a noticeable lack of awareness among small businesses regarding these issues. In recent years, awareness-raising programmes have rarely been targeted at or tailored to small businesses, and their effectiveness has barely been evaluated. In recent years, awareness-raising programs have seldom been targeted at or tailored to small businesses, and their effectiveness has received minimal evaluation.
What are the Risks in the event of an Attack?
Hackers are able to use a variety of channels to attack your business. The most common channels are theft of identifiers, phishing, exploitation of vulnerabilities and botnets.
Once hackers have gained access to your digital environment, the cyber risks to which you are exposed can be divided into the following five categories:
Destruction of information or resources;
Corruption of information;
Theft, recovery or loss of information or resources;
Disclosure/leaking of information;
Interruption of service.
These risks have a direct impact on the confidentiality, integrity and availability of your business’s information and resources. The latter must be protected if you want to continue your activities and those of your customers.
In practice, almost 50% of small businesses attacked are at risk of losing all their data. An attack can cost you up to 4 million euros.
SOME PREVENTIVE MEASURES AGAINST ATTACKS
ALWAYS KEEP YOUR SYSTEMS UP-TO-DATE
It is vital to ensure that all your software is up-to-date. Hackers often manage to gain entry into a business’s system because one of the employees is still using an old version of the software that has security flaws.
HAVE A STRONG PASSWORD AND TWO-FACTOR IDENTIFICATION
Having a unique password for each of your accounts and applying multi-factor identification is easy to do and considerably reduces the chances of you being attacked.
TRAIN YOUR TEAM
All it takes is one mistake to let a hacker into the system. To avoid this, it is best to train everyone in your business in good cybersecurity practices.
PERFORM A RISK ASSESSMENT TEST
All too often, the risks of cyber-attacks are underestimated. A number of online tools are available free of charge and give you an overview of your business’s vulnerabilities. If you want to go further, specialist companies offer cyber-security audits or penetration tests.
BACK UP YOUR DATA
If a hacker enters your business’s system, he or she will very often encrypt your data and paralyze your operations. A simple tip to avoid being hit too hard is to set up a backup and recovery plan for your data.
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“10 Cybersecurity Tips For Small Businesses”
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ESSENTIAL QUESTIONS
As a self-employed person and/or business owner, you run a high risk of being exposed to a cyber-attack. So the question to ask is not therefore “Is my business going to be attacked?” but rather “When is it going to be attacked?”
Is cybersecurity worth the cost?
The value of investing in cybersecurity is directly related to a small business’s attitude towards risk. If a company’s board or founders want stability and resilience if the business encounters a cyber incident, then a measured approach to investing in cybersecurity is essential and well worth the investment.
Do small businesses need cybersecurity?
No business is immune to cyber attacks. Small businesses must understand that cybercriminals will look for the weakest link and exploit it in order to gain access to their business partners, suppliers, and or customers. The potential reputational and financial damage of cyber attacks can be irreparable.
And this attack may be catastrophic. So, to avoid this, adopt good cyber-security practices now, at a right cost. The security of your business is in your hands!
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