In this digital world, mostly all organisations use computers to store all important business information. Even personal information like bank information and credit card information are also stored in computers.
Gone are the days when people used to store data in ledgers and files manually. Computers have replaced manual skilled workers to a great extent. Hence securing important business or personal information in computers becomes a priority.
Here, cyber security requires to play its role. Cyber security protects your computer, its programmes, its networks and its data from cyber-attacks or hackers.
The focus on any business has to be its security. Lack of focus on cyber security can be damaging to your business.
Unwanted and unauthorised access, theft of sensitive information or any leakage of any other private business information to an unknown party can affect your business to a huge extent.
Since the main priority of small businesses is to preserve customers and their vital information, hackers target customer data when it comes to small businesses. Small businesses do lack resources and knowledge. Even their investment in digital security is nil.
About Small Business Statistics:
High Cyber-attacks on Small Businesses:
Business is business. Small or big doesn’t matter. Statistics show that as per symantec’s report, 43% of cyber-attacks are made on small businesses.
Phenomenal increase in data breach:
Small businesses have weak online security making it easy for hackers to achieve their target. They don’t use a strong encryption technology, so cyber-attacks are more damaging to them. As per 4iQ report of 2019 states that there is a phenomenal rise of 424% in new data breaches made on small businesses from year 2017 to year 2018.
Cyber-attack shuts down small businesses:
According to the U.S’ National Cyber Security Alliance, more than 60% of small businesses are shut down in 6 months after facing cyber-attack. Moreover, Ponemon Institute revealed that the expense raised to recover from these cyber-attack cost to SMBs at $690,000. The same thing goes with middle size companies, but the cost reached to $1 million.
Lack of funds or sufficient personnel to deal with the attack:
Cyber-attack is costly. Many small businesses don’t keep provisions for such attacks which turn out to be very costly for their business.
As per reputed survey, almost 80% of small businesses lack the money to deal with the attack.
Even lack of trained network personnel can prove to be costly for your business. 3 out of 4 small businesses lack sufficient IT personnel to take care of their network security. They simply don’t have trained people to manage the security tools and processes.
Cyber-Attack; Huge Monetary Loss:
The damage made by cyber-attack is huge. Day by day, the attacks are becoming uglier making the repercussion of the attack huge. The average cost of an attack is almost $3 million as per report.
Small businesses can’t cope up with such huge amounts and hence it leads to closure of their business.
Unaware and Unprepared is fatal for business:
Since small businesses are unaware that they would be attacked, they don’t have a backup plan for the same. A survey done on 1300 SMB owners show that:
- 6% never believed they would face an attack.
- 54% were unplanned when the attack was taking place.
- 20% thought they would face it when it happens.
- 83% had lack of funds to deal with it.
These survey results are eye opening and alarming both for small businesses.
Ignorance is not Bliss:
This is the root of all problems. An attack by unauthorised sources becomes easy when there is an ignorant team. Since they are unaware about the symptoms of attack and its preventive measures, the business loss becomes huge. Small businesses don’t give adequate security awareness training to employees thus facing major attack threats.
Many small businesses feel their companies are unnoticed by cyber criminals which is a myth. So, they don’t have adequate security measures for the same.
Negligence / Malicious employees are danger:
As per various researches collected by Small Business Trends, 48% of the data breach is caused by irresponsible employees or employees who are careless in their businesses; which lead to 32% external attacks.
5% of attacks are made by malicious insiders who damage the company.
An insight into the root causes of data breaches:
Email / Ransomware is dangerous at times:
As per Verizon report, 92.4% of the malware is delivered via email. It is one of the biggest attackers as it is a direct line to end users.
Hasty clicks and spam messages are the most effective disguises of cyber-attack. Even phishing emails with malicious attachments are a threat to these businesses.
According to Symantec Internet Security Threat Report (ISTR), the most malicious 15.7% emails are in the form of bills/invoices.
Failure in updating security software on a regular basis:
Many people don’t think they would be targeted by cyber-attack; so they don’t keep their security software updates up to the mark.
An authenticate survey shows that 62% of small businesses don’t update their security software’s regularly.
Looking at the cyber-attacks statistics of small businesses, it is very essential that they consider cyber security as a priority and take preventive measures.
Few tips for protection of small businesses against Cyber-Attacks:
Cyber Liability Insurance:
Though it becomes unavoidable to stop a cyber-attack, cyber liability insurance takes care of the monetary damages of your business; made by data breaches and cyber-attacks, thus enabling you to regain your business.
Organisation Validation SSL Certificate:
The basic motto of SSL certificate is that it encrypts sensitive information passed from browser to server thus securing data against cyber criminals. There are many types of SSL certs available. But Organization Validation certificate is the best for small businesses that authenticate the business identity as well domain ownership.
It is a certificate that confirms the existence of your company.
High assurance Organisation Validation SSL certificate creates a trustworthy environment between the customer and the company. When you Buy SSL Certificate, you need to check which certificate type is ideal for your business-like domain validation, organization validation, Code Signing certificate, EV SSL, etc.
Strong Password Protection:
Strong combination of alphabet + number + symbol + special character, password creation becomes difficult for hackers crack them; thus keeping your business information safe.
Regular Backups & Security Updates:
Backups done on a regular basis works wonders when attacks are made. Even software security updates and anti-virus updates should be done regularly to prevent cyber-attacks.
Keep watch on Internal Threats:
Malicious internal employees purposefully harm your business. Keep passwords and access permissions restricted to their work only. Never give additional and non-related passwords to employees who don’t need them.
Once an employee leaves the organisation, take all access rights away by changing passwords for security purpose.
Educate your staff:
You can educate your employees by conducting training programmes on cyber-attacks and cyber security strategies to prevent those attacks.
In this way, they will also remain alert and keep a watch for suspicious behaviour; thus, preventing further losses.
“Small” is not noticeable, is a mistaken theory. The above statistics show how your small business is a perfect target for cyber-attacks.
Timely security measures can protect your small business against cyber-attacks, thus keeping your business safe and you happy. Stay Safe, Stay Happy.
