Small businesses are the bread and butter of the economy. They operate in every industry and are effective in serving the day-to-day needs. You would think these businesses are more secure than large enterprises that have more resources and complex systems, but they are way more vulnerable.
For example, cybercriminals are three times likely to target small businesses than large companies. That’s because these businesses tend to be less equipped to resist security challenges.
Let’s discuss the top 3 security challenges facing small businesses today.
Cybersecurity Threats
Some of the most common and destructive threats facing small businesses are cyberattacks. Each year, small businesses in America suffer damage amounting to billions in financial loss and data breaches. Here are common cyber threats small businesses should be aware of:
Malware Attacks
Malware refers to a broad category of malicious software that infects your system to steal data, cripple operations, or take control. Malicious software includes viruses, Trojans, worms, and ransomware.
With ransomware, for example, attackers launch malicious software that encrypts your data and demands payment in exchange for decryption.
Weak Credentials
Weak passwords and credentials leave the door half open for cybercriminals. Many employees use the same password across multiple accounts, both personal and business. They may also use common terms in their passwords or matching numbers as a PIN. These weak credentials make data breaches much easier.
Phishing Attacks
Phishing is an effective cyberattack method that usually succeeds because it’s highly targeted. Attackers count on the lack of enough cybersecurity training in small businesses, which teaches employees to identify personalized messages that impersonate trusted entities.
Has an email ever landed in your work inbox that seems to come from higher-ups, clients, or suppliers, but the email address looks questionable? That’s a phishing incident that preys on human error.
Third-Party Vulnerability
Large companies usually have a thorough vetting process for third-party partners, resulting in a secure ecosystem. Since small businesses rely on third-party partners like vendors and cloud services that meet their budget, they may not have access to the most secure options. That means data breaches originating from these partners also expose small businesses, leading to costly and yet indirect vulnerabilities.
Internal Security Threats
While most threats to a business come from the outside, some are internal. That means these threats originate from within the business and involve individuals who have access to data and systems.
- Accidental: These are internal threats that result from employee negligence, carelessness, or insufficient security awareness. Using our earlier example, an employee who is unfamiliar with phishing tactics may click a suspicious link sent to their work email, which gives attackers unauthorized access.
- Malicious: These threats originate from employees, contractors, or former staff who understand the business and have a level of access. Their connection to the business makes it easy for them to misuse access intentionally.
Physical Security Threats
Like cybersecurity, physical security is an important concern for small businesses. Criminals count on the fact that it’s easier to attack a small business and get away. There are many physical threats targeting small businesses, including theft, burglary, and vandalism.
These are possible due to the high risk of unauthorized access. For example, intruders can gain entry into the business premises by simply tailgating authorized individuals. With retail establishments and other customer-facing businesses, the risk of theft and access to company computers is high.
How To Protect Small Businesses From Security Threats
Small businesses are not entirely defenseless. Although they may not have the resources of large corporations, they can still implement strong security measures. Here are strategies to prevent security threats:
- Employee training: Regularly educate employees to increase security awareness in your business. Train employees to identify phishing emails and suspicious activities and follow security protocols.
- Security personnel: Some situations require more than security cameras and alarms. For example, the spike in certain commercial threats in California calls for the presence of professional security guards to keep the premises secure. Security Explorer has an in-depth guide on hiring guards for commercial properties.
- Password policies: Create and enforce policies that ensure the use of strong and unique passwords for business accounts. For an added layer of security, implement multi-factor authentication (MFA) and limited access under certain conditions.
- Software updates: Hackers tend to exploit vulnerabilities stemming from outdated systems. Prioritize updating software and operating systems to maintain strong defenses.
- Data backup: Breaches can happen, resulting in data loss. Implement a proper backup and recovery strategy to ensure your business recovers from a data loss event. Having at least one off-site backup solution is advisable.
Final Words
Criminals will target small businesses due to the high possibility of weak defenses. These security threats are diverse and are constantly evolving. Having a proactive stance and a multi-layered approach to security is key to navigating today’s security challenges. You may not have unlimited resources as a small business, but employing fundamental security practices like those we’ve shared makes a huge difference.
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