As an SMB owner, do I really need to be concerned about cybersecurity?
First and foremost, it’s a reasonable question. Nobody wants to pay for something they don’t need or will benefit from. Investing in Cybersecurity improvements is rightfully thought of like insurance. You mitigate the risk of a lower likelihood but damaging event.
Don’t be fooled. The cybersecurity risk is real. The reality is that the risk is growing. The pandemic had resulted in two critical changes from our prior status quo. First, our working dynamic has changed. Remote work is here to stay. The Great Resignation isn’t some made-up phrase either. Employees have been leaving or changing jobs at record rates. Second, cybersecurity threats are increasing and evolving. A few unfortunate statistics:
- Cybercrime increased 600% percent due to COVID-19 pandemic; 667 million new malware detections were identified during 2020[1]
- 61% of SMBs were the target of a Cyberattack in 2021; SMBS are hit by 62 percent of all cyber-attacks[2]
- An average employee of a small business with less than 100 employees will experience 350% more social engineering attacks than an employee of a larger enterprise.[3]
- Ransomware has seen massive growth over the last 5 years[4]
Ransomware, malicious tools that hold your company data hostage, are an increasing threat. - Remote access and email accounted for 75% of all ransomware incidents.[5]
- 48% of small businesses are hit by cyber-attacks; 60% of those attacked go out of business within 6 months[6]
So, what can you do to help protect your business? Well, there isn’t a silver bullet. Your company should have a Defense in Depth approach. A single tool isn’t enough, but a series of overlapping capabilities make it challenging for malicious actors to affect your company. There are a ton of options, but below are a few steps you can take to help protect yourself (ordered from lowest cost / complexity to highest):
- Use a Password Manager – One small step you can take is have your staff use a password manager to increase password hygiene. Specifically, password managers help to identify compromised passwords, as well as make it easy to create strong, unique passwords for your various accounts. There are a lot of great options out there such as Keeper, 1Password, LastPass, etc. These tools aren’t overly expensive at ~$5 / month / employee
- Take Advantage of Your Existing Tools – Your company likely has a number of tools available to help improve your defenses. If you have Microsoft 365, there are a number of protection tools you can use. You also may be able to better defend your company network with existing hardware. These steps can be complicated, so you may require additional expertise to deploy these capabilities.
- Have a Trusted Partner IT and Cybersecurity are massive and overwhelming. Find a knowledgeable partner you trust to help support your organization. Cyber risks are always evolving, so today’s solution likely wont be able to address tomorrow’s threat. Have someone who can watch your company’s back. Even if you have an existing IT department, partnering with an external company can supplement your existing knowledge base in a cost effective manner.
- Train Your Staff – Your staff and their personal habits have a huge impact on your company’s overall vulnerability. Cybersecurity training including activities like phishing simulations can help prevent potential gaps in your defense.
- CyberInsurance – Many SMBs don’t consider CyberInsurance until they are hit with an attack. This can help provide significant peace of mind, though it can be costly and complex.
If you are concerned about CyberSecurity Risks for your business, schedule a free 30 minute consultation with us here at Space Cadets. We’ll discuss your business type, IT infrastructure and provide a sense of what targeted solutions could help minimize your risk.
[1] Small Businesses Are More Frequent Targets Of Cyberattacks Than Larger Companies: New Report (forbes.com)
[2] 60% of small companies that suffer a cyber attack are out of business within six months. – The Denver Post
[3] Spear-phishing report: Social engineering and growing complexity of attacks – Journey Notes (barracuda.com)
[4] Verizon 2022 Data Breach Investigations Report, pg 27
[5] Verizon 2022 Data Breach Investigations Report, pg 28
[6] What Percentage of Small Businesses are Hit By All Cyber Attacks [2022 Update] (renolon.com)
