As the online world gets popular, cybersecurity is a hot topic for discussion. In today's B2B industry,
the new work trend of working from any location has supplanted the traditional working approach. However, fewer security procedures have raised the cybersecurity risk for all organizations, particularly small businesses. As a result, small business data is highly vulnerable to such cyber-attacks.
As stated by Brand Essence Research, the worldwide cybersecurity industry will reach $403 billion by 2027, growing at a 12.5% compound annual growth rate (CAGR).
For every Cybersecurity Magazine, small and medium-sized enterprises account for 43% data breaches.
“As cybersecurity leaders, we have to create our message of influence because security is a culture, and you need the business to take place and be part of that security culture.”
- Britney Hommertzheim, Director, Information Security, AMC Theatres, at SecureWorld Kansas City
Here are the top cybersecurity challenges that small businesses face and need to be considered while setting cybersecurity best practices for small businesses.
The business relies on several manuals and informal processes for cybersecurity
The business struggles to handle the complexity of numerous disconnected cybersecurity technologies
The business lacks the skills necessary to cope with a current type of cybersecurity attack
Managers lack an understanding of or commitment to good cybersecurity
No employee is technically trained, and the firm provides no cybersecurity training to its employees
While small business owners have successfully adapted to new work processes, they do encounter certain obstacles regularly. This blog highlights a few cybersecurity best practices
that your small business may adopt. But before that, let's have a quick glance at a few of the cyber security threats faced in the recent past.
Cyber Security Threats in Small Businesses
Emotet: Emotet is one of the most damaging and expensive malwares available. It is a sophisticated, modular banking Trojan mainly used to download or dump other financial Trojans.
SMS phishing: SMS phishing has become one of the most prominent trends in the world of small business cyber security. Due to the evolution of the media, phishing attempts are now distributed using brief text messages rather than email.
Sophisticated ransomware attacks: Complex Ransomware assaults occurred because of the introduction of new, sophisticated types of malware that were a step above anything previously observed. Hence, small organizations should consider using an effective cloud backup solution to protect against data loss.
Deepfake videos: Deepfake videos have recently emerged as a significant cyber security concern to small enterprises. These films are designed to dupe company owners into disclosing vital information.
Spoof accounts: Spoof accounts is another sort of danger that has developed in recent years. The attacker created a plausible Facebook profile and befriended the employees, using this relationship to collect critical, sensitive, and valuable information from them.
It's critical to review your small business's existing cybersecurity best practices. Thus, the following is a list of the top five cybersecurity solutions for small businesses.
Top 3 Small Business Cyber Security Practices
Strong Password and Authentication
Password attacks were the most prevalent type of cyber-attack seen during COVID-19. The attack occurred as a result of insecure passwords and login credentials. Therefore, small businesses should verify that their password policies adhere to the FBI's standards for creating strong passwords.
Utilize password managers such as RoboForm, NordPass, DASHLANE, and KEEPER regularly to ensure the security of small company passwords.
Another cybersecurity best practices suggestion is that small business owners may utilize two-factor authentication to give an additional degree of security to their digital accounts. Additionally, you may utilize a password-less security strategy to improve account security by eliminating the need for any passwords.
Having these cybersecurity best practices in place may serve as the foundation for a robust security plan.
Provide Cyber Awareness Training to Your Employees
Cybersecurity awareness and understanding among employees are critical for every company. Therefore, cyber awareness training should be mandatory as part of cybersecurity best practices and seriously considered for inclusion in security policy.
The following are some suggestions for educating your staff about cybersecurity:
Make it essential
Integrate cybersecurity into the onboarding process
Teach them to identify phishing emails
Teach them the proper password combination
Conduct cybersecurity exams
VPS and Security
Considering the present state of the world, including a virtual private server (VPS) into the IT infrastructure is one of the most acceptable cybersecurity solutions for small businesses.
According to Statista, the worldwide virtual private network (VPN) market will reach $35.73 billion by 2022.
As per Global Virtual Private Server Market Report 2021-2026, VPN and VPS usage is expected to reach 49%, with employees working from home.
VPS enables remote access to specific computers and persons without requiring them to be physically present. This access enhances security and safeguards your company's data. Businesses that choose to allow their workers to work from home should search for VPS alternatives that fit with their business's security requirements and cybersecurity resources.
"Organizations are ramping up security monitoring to try to know what is happening on endpoint devices. It's a unique opportunity for security to advocate for the employee experience."
-David Etue, Nisos's Chief Executive Officer, (claimed in an interview with a Media 7 team)
Cyber security is an integral part of small businesses today. It helps companies to protect and safeguard their sensitive and confidential data against cyber theft. However, given the dynamic nature of cybercrime, you need to develop comprehensive and effective cybersecurity solutions for small businesses. As a result, it is vital to verify that these procedures are appropriately applied.
How can small businesses improve cybersecurity?
Here are a few tips for small business cybersecurity improvement:
Provide cyber awareness training to your employees
Utilize VPS and security
Strong password and authentication
Protect your Internet connection with a firewall
Protect your wireless networks
Utilize excellent practices when it comes to payment cards
What are the top cybersecurity threats facing small businesses?
Read out to the top cybersecurity threats small businesses are facing:
Sophisticated ransomware attacks
Do small businesses need cyber security?
Information technology has developed into a significant role in the success of small enterprises. Cybersecurity safeguards their business, consumer and employee information, and sensitive data against rising cybersecurity threats. Cyber security is important for small businesses because they cannot afford to lose critical data and information.