How Can Small Business Address IT Security?

As cybercrime reports rise, are small businesses at risk of cyberattacks? If you're not a multi-billion-dollar company, are you still a target?

Unfortunately, the answer is yes.

In fact, 82% of ransomware attacks in 2021 were against companies with fewer than 1,000 employees, and small businesses received the highest rate of targeted malicious emails .

Cybercriminals don't discriminate by business size. Money is money, and criminals often don't care where they get it. Rather than target individuals, hackers will often cast a wide net of attacks to see what they catch.

And this method has reaped massive rewards.?The cybercrime industry is estimated to reach $10.5 trillion annually by 2025 .

Why Do Cybercriminals Target Small Businesses?

For cybercriminals, a business does not need to be a major corporation to hold immense value.?Even small companies have data and money, the two things cybercriminals want the most.

Cybercriminals are looking for easy access to any system that holds data.?Whether this is a large, medium, or small business doesn't matter. Information is profitable regardless of its origin.

Often, cybercriminals do not seek out a specific target to attack. Instead, they cast a wide net of attacks and hope they catch some login credentials or valuable data. In this instance, businesses with weaker security often become victims.

Here are three reasons a small business might become a victim of cybercrime:

1. Weaker Security

Small businesses may not have the resources to invest in robust security software and hardware, or they may not have the expertise to configure and use these systems properly.

An IT system with fewer defenses makes it an easy target for cybercriminals.

2. Smaller IT Staff

Small businesses are less likely to have dedicated IT staff, so they may not have someone responsible for monitoring their security systems and responding to threats. This can leave their systems vulnerable to attack.

3. Lack of Training

Users without proper IT security training are more likely to fall for social engineering attacks.?These attacks trick people into giving up their personal information or clicking on malicious links, which can then be used to gain access to the business's systems.

Why Are Small Businesses at Risk?

1. Small Businesses Have Valuable Data

All businesses, regardless of size, have sensitive data.

Valuable data could include customer information, financial data, or intellectual property. This data is prized by hackers, who can sell it on the dark web, extort it , or use it to commit fraud.

2. Small Business Connect to Other Businesses

Small businesses are often interconnected with other companies as clients or vendors. So, when one connected business experiences a cyberattack, it could have a ripple effect and impact other businesses.

For example, if a small business that provides accounting services is hacked, the customer data of all of its clients could be compromised.

3. They May Seem Like Easier Targets

They are often seen as easy targets.?Hackers may believe that small businesses are less likely to have strong security measures. This makes them an attractive target for attacks.

What Can Small Businesses Do to Prevent Risk?

1. Follow a Security Framework

Your IT provider or internal IT team should base their cybersecurity practices and responses on a framework like?NIST ?or?CIS .

These frameworks are created and approved by experts. The frameworks are consistently updated to reflect current cyber threats, solutions, and best practices.

IT risks drastically decrease by simply following the first stage of either framework.

If an IT provider or IT team is not following a recognized framework, the risk of cyberattacks significantly increases.

2. Invest in Solid Security Tools

Businesses should investigate and invest in security software and hardware.?This includes firewalls, antivirus software, and intrusion detection systems. These systems can help to protect against known vulnerabilities and identify threats.

Of course, tools must be properly utilized and configured to have maximum effectiveness. Talk to your IT provider or internal IT team to find tools that fit your needs and budget. Your IT provider or team will then correctly configure the tools.

3. Use Good Password Habits

All businesses should use strong passwords and multi-factor authentication .?This will make it more difficult for hackers to access their accounts.

Strong passwords should be at least 12 characters long and include a mix of uppercase and lowercase letters, numbers, and symbols.

Multi-factor authentication adds an extra layer of security by requiring users to enter a security code from their phone or email in addition to their password.

4. Provide IT Security Training

Businesses should educate their employees about cybersecurity risks.?IT security training should teach users about the risks and identification of phishing scams and other social engineering attacks. Employees should be aware of the risks and how to protect themselves.

5. Keep Software Up to Date

Software updates often include security patches that can help to protect against known vulnerabilities.

Cybercriminals are constantly finding new ways to exploit vulnerabilities in software. When a vulnerability is discovered, a security update will address that vulnerability.

6. Create an IT Incident Response Plan

All businesses should have an IT incident response plan in case of a cyberattack.?This plan should include steps for responding to the attack and recovering from it to minimize the damage caused by the attack.

How Can an IT Provider Help?

As you examine your IT security, your IT provider or internal IT team can help you assess your security and find solutions. By taking these steps, small businesses can help to protect themselves from cyberattacks and keep their data safe.

1. Providing Risk Assessments

Risk assessments help businesses to identify and address any security vulnerabilities. The IT provider will scan the business's systems for vulnerabilities and recommend ways to fix them.

2. Designing and Implementing Security Solutions

IT providers and internal IT teams can install security software, configure firewalls, and help create security policies. They will work with you to design and implement a security solution that meets your specific needs.

3. Providing Training on Cybersecurity Best Practices

IT providers and teams can create or recommend training to help users understand IT risks and how to protect themselves. This training may cover phishing scams, social engineering, malware, and more.

Next steps for protecting your small business

Cybercriminals do not discriminate based on business size. Because most of their attacks are random mass campaigns, they will target anyone willing to give up their login credentials.

Small businesses are targets for cybercriminals. They are often at risk for cyberattacks due to the following:

1. Their valuable data, which cybercriminals wish to steal or exploit.
2. Their connection to other businesses that may allow the cybercriminal to launch multiple attacks.
3. They may have weaker IT security, making them seem like easier targets.

To better protect their data, businesses should consider:

1. Following a security framework like NIST or CIS.
2. Investing in security tools.
3. Use good password habits.
4. Utilize IT security training.
5. Apply software and security updates promptly.
6. Create an IT incident response plan.

Talk to your IT provider, managed security service, or internal IT team to discuss your risks, cybersecurity practices, and incident response plan to protect your business.

If your IT provider has failed to run quarterly risk assessments or discuss an incident response plan, this is a red flag for poor cybersecurity practices. In this case, you should consider looking for a new provider.