Small Business Cybersecurity Trends: Protecting Your Organization from Growing Threats

It's essential to prioritize cybersecurity to protect your small business from these threats. Basic preparedness and security diligence can reduce the probability of a successful attack by close to 90%.

Methods and Motives of Cyber Attacks on Small Businesses

Cyber attackers often target small businesses for financial gain, using tactics such as system intrusion, social engineering, and basic web application attacks.

According to Verizon's latest DBIR summary, 82% of ransomware attacks target SMB organizations, with user credentials being the most commonly compromised category of data (54%). It's crucial to understand that these attacks are not limited to larger corporations; small businesses are equally vulnerable.

Impact of Cyber Attacks on Small Businesses

The consequences of a cyber attack can be devastating for small businesses. Not only do they face financial losses, but they also risk losing customer trust and experiencing system downtime and reduced productivity.

According to claims data from Nationwide, the average cost of recovery following a ransomware attack is $165,520 USD for companies with an annual turnover of less than $10 million USD.

Small Business Cyber Attack Readiness

Unfortunately, many small businesses are not adequately prepared to respond to cyber attacks. A staggering 87% of small businesses collect or process customer data that could be compromised, yet only about half monitor their systems and networks.

Additionally, 46% of SMBs do not even use proper commercial grade firewalls, and 42% do not back up critical data. These are shocking statistics that drive home the urgent need for improving resilience.

Cyber Security Budget Status based on Business Size

Yet when it comes to budgeting for cybersecurity, small businesses often struggle to allocate sufficient funds. According to Amazon's survey, only 8% of businesses with fewer than 50 employees have a dedicated cyber security budget whatsoever.

This lack of investment can leave small businesses vulnerable to attacks, and recovering from an attack is orders of magnitude more expensive than taking proactive measures to reduce their likelihood.

Attitudes of Small Businesses to Cybersecurity

Many small business owners underestimate the potential consequences of cyber attacks and struggle to keep up with new threats. According to a survey, 59% of small business owners without cyber security measures believe their business is "too small" to target.

However, this complacency can lead to devastating consequences. There is no such thing as a business "too small" to target as many attacks are completed automated.

Conclusion

Cybersecurity is no longer an optional consideration for small businesses; it's a necessity. We see it as an investment in resilience that pays dividends of business continuity.

By understanding the methods and motives behind attacks, the impact they can have on your organization, and taking proactive steps to improve your defenses, you can better protect your business from these threats. Remember that cybersecurity is not just about technology; it's also about employee education, awareness, and training.

Recommendations for Small Business Owners

1. Conduct a risk assessment: Identify potential vulnerabilities in your organization and prioritize areas for improvement.
2. Implement basic security measures: Use firewalls, antivirus software, and backup systems to protect your data.
3. Educate employees: Provide regular training on cybersecurity best practices and the importance of data protection.
4. Monitor remote work security: Ensure that remote workers are using secure connections and following company policies.
5. Consider cyber insurance: Protect your business from financial losses in the event of a cyber attack.
6. Stay informed: Stay up-to-date with the latest cybersecurity trends, threats, and best practices.

By taking these steps, you can better protect your small business from the growing threat of cyber attacks and ensure the continued success and growth of your organization.

If your business needs help, reach out for a free consultation. We're happy to discuss how Envescent can assist your business in staying safe and reducing risks.