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Small and medium-sized businesses are under attack, and many find it harder than ever to make a go of it. It’s not just the harsh realities of getting noticed, finding reliable labor, or dealing with rising costs that threaten the livelihoods of entrepreneurs and SMB owners. Increasingly, it’s keeping mountains of information and sensitive business data safe and secure from cybercriminals.
If you own or work for a small business, you’re more likely to be the target of cyberattacks than major corporations. This is partly because small and medium-sized businesses often lack IT departments that are on the lookout for them. In short, they’re easier prey.
In fact, it’s estimated that around half of all cyberattacks strike small businesses and that as many as six in 10 small companies that fall victim to a cyberattack or data breach go out of business within six months.
Sadly, small businesses pay, on average, $3 million dollars to recoup their losses after a data breach. But the emotional impact for small business owners can be just as devastating.
A Small Business Cyberattack Example
Brillies, a small business that sold vintage sunglasses, was thriving when, suddenly, online sales stopped. Hackers had rendered the company’s website inoperable with a denial of service (DDoS) attack.
While the business owner considered herself relatively tech-savvy, she didn’t have an IT team to help protect her data or take remedial steps. After months of battling cybercriminals, she felt defeated and decided to close up shop.
At Elevity, we talk with many business owners who feel like they are simply too small to be a target for cybercrime. They imagine that as a small business, the bad guys don’t care about their data.
The truth is, they could be right. Hackers don’t care about your data — but they are counting on the fact that you do and will likely do whatever it takes to get your data back, protect the integrity of the business’ brand, etc. Think about your clients’ and employees’ sensitive information, the impact to them, and your reputation and bottom line. Would you pay a ransom to get it back or keep it from being leaked or exposed? Chances are, the answer is yes.
The cybersecurity threat landscape is evolving with the rapid adoption of artificial intelligence (AI). And hackers are getting better at finding creative and deceptive ways to gain access to business data, even when antivirus software, advanced endpoint detection, or other security measures are in place. Bad actors are even offering up their services to wanna-be cybercriminals in the form of Ransomware as a Service (RaaS).
Knowingly or not, businesses assume more risk than they ever have before.
Cybersecurity Tips for Small Businesses
SMBs are being forced to embrace information security today, whereas historically, it was barely addressed. Traditionally, IT teams or even Managed Services Providers focused on information technology, not information security.
As the trusted advisor and Managed IT provider for our clients, Elevity knows that a proactive, multi-layered security approach is the only way to increase the level of protection for a business. What might that look like?
Our team will help equip you with the tools and, just as importantly, the tactics to help thwart cyber attacks, including:
- A cybersecurity plan including defining unique risk, mitigation strategies and a path to restoring normal business operations.
- Multi-factor authentication (MFA) — requires more than one form of credentials to access data
- Creating a Virtual Private Network (VPN) — to help secure networks for remote employees
- Installing and monitoring firewalls
- Deploying endpoint detection and response protocols
- Securing internet connections, WiFi networks and mobile devices
- Updating operating systems and software
- Applying data encryption
- Educating employees on how to select strong passwords and spot phishing scams
- Helping you develop a disaster recovery plan and establish a business continuity plan
RELATED: 10 Ways to Protect Computer Networks
If a cybersecurity attack strikes a large organization, they have the dedicated resources to respond, including PR teams, legal counsel, IT experts and the financial means to pay them. SMBs lack these resources and are at greater risk of the significant impact to their business operations, including the potential of closing their doors as a result.
Cybercriminals know that SMBs are vulnerable and are preying on your livelihood.
This is why we’ve made SMB cybersecurity a mandatory component of our Managed IT offering. If you’re looking for a modern, multi-layered approach to cybersecurity, leverage the knowledge of our Managed IT team. We specialize in helping SMBs deploy world-class cybersecurity services that fit within your budget. Reach out to our team at Elevity today and take our interactive quiz to see where you stand.
