WorldExecutivesDigest.com | Top Strategies to Secure Your Small Business from Common Cyber Risks | According to a report, small businesses can suffer losses of 2.5 million dollars annually per cyber-attack. For this reason, small businesses need to be aware of the threats they face to mitigate the risks. Here are different types of cyber risks facing small businesses and how to stop them.
Phishing attacks account for more than 90% of small business security breaches and have grown by 65% over the last years, accounting for more than $12 billion in losses. A phishing attack is when a cybercriminal mimics a trusted contact to entice businesses to click on links or download malicious files. This is done to access client account details, sensitive business details, and credentials.
How to stop phishing attacks
Invest in a strong email security gateway to prevent phishing emails from reaching your employees. Post-delivery protection is essential for securing your business from phishing schemes. This way, anyone in your network can report phishing emails, making it easier for the company to delete them.
Malware attacks encompass several cyber threats, including the use of viruses and Trojans. It is a term used to describe malicious code created by hackers used to access a network to steal or destroy data from computers in the network.
Malware is usually spread through malicious websites, spam emails, and connections to infected devices and machines.
How to stop malware attacks
The best way to protect your small business from a malware attack is to have a strong defense in place. Endpoint Protection Solutions can protect devices in your network from malware threats by giving the admin the central control of devices in the network. This is the best way to ensure all users in the network only use devices with the latest security protocol.
When a ransomware attack hits your small business, your company data is encrypted by a malicious code, making it unusable or inaccessible. In 2018, at least 70% of the year’s ransom attacks targeted small businesses, with an average ransom request of $116,000. Small businesses are always at risk of ransomware attacks since they are more likely to pay the ransom because they probably do not have a data backup solution in place.
How to stop Ransomware attacks
Invest in strong Endpoint Protection for all the devices in your business network. This makes it difficult for ransomware to encrypt data. It is also important to invest in a reliable cloud backup solution for your business to mitigate the effect of data loss.
These refer to actions by employees, business contractors, or former employees that can put a business network at risk of hacking. This includes visiting potentially harmful networks or using company devices to access malicious pages.
How to stop Insider threats
To prevent your staff from becoming the entry point of cyber attacks, make sure adequate staff training on cybersecurity is in place. Small businesses need to create a strong security awareness culture in the company. This way, employees are educated on spotting potential attacks early or reporting an attack in time. It is also wise to encourage employers to install security software on their devices, such as antivirus and VPNs. The way VPNs work includes creating a private and secure tunnel to encrypt your traffic so information going through your network would be protected against prying eyes.
At least 19% of small business employees use very weak and easy to crack passwords since they are easier to remember. Using the same password for all your accounts makes a breach easier for hackers. If your business deals with multiple services that require different accounts, it is crucial to invest in a password security protocol to use the strongest passwords.
How to stop it
Investing in a business password management service makes it easier for employees to manage their passwords by suggesting strong passwords for all accounts. Multi-factor authentication technology is also an important additional security protocol that makes it harder for hackers to access business accounts.
With so many cybersecurity threats facing small businesses, having a comprehensive security protocol in place is the way to protect your business against these threats. Also, Security Awareness Training ensures your employees are aware of the dangers and know how to prevent them.