The security environment has changed. With the increase in cloud technology and more digitized remote work, there are increases in cybersecurity threats too which are not the same as the old-time threats. These threats have been affecting both big and small business entities.
There are chances of attack at any point in time of the operation of the business and how one tackles it can make it worse or better. If there is a well-built cyber security system, it helps to sustain and sail through the attack.
Cybersecurity is about being able to detect threats, developing defense mechanisms, reducing risk and being able to react to an attack whenever it tries to breach security. Once the entire business is known, noted vulnerabilities and weak spots are addressed, then there could be a proper framework for cyber security to follow.
How to execute cyber security for small businesses?
Cyber security for small businesses can be developed with the execution of a proper plan:
• Identifying threat vectors and all the potential attack surfaces.
• Knowing one’s legal obligations.
• The business should be able to prioritize between assets and risks.
• Proper security plans should be developed.
• Execute and test the plan.
In the case of small businesses, broadband and IT are very important for reaching new markets and increasing efficiency. However, even small businesses need a cybersecurity plan to protect their business and their data from outside threats.
What do statistics portray about cyber security for small businesses?
Small businesses form a great part of the economy. As per the development approaches, the entire focus nowadays is keeping small businesses in the run and providing them enough protection from the threat that exists.
According to the report, breaches linked with business email compromises led to a burden of around $ 5.01 million in 2020. Around 60% of small businesses that have undergone a cyberattack suffer to such an extent that they are out of business within six/seven months after the attack.
But this does not mean small businesses have become difficult targets for attackers, they are still attacked by some types of attackers which pose a particular kind of threat to the companies.
The damage to a business and the cost of a data breach depend on the size of the business and the extent of damage that has been caused. According to the report by IBM and the Ponemon Institute’s 2021 cost of a data breach report, small businesses with less than 500 employees spend around $3 million per incident. With a bigger number of employees, the organizations spend a greater amount on the attack.
Most small businesses lack any defense plans. About 43% of small businesses lack any cybersecurity defense mechanism or plan.
It is not very easy for all companies to detect cyber-attack quickly. Only 47% of the small companies find breaches in some days while the majority of the companies take longer time. This is the case for small companies. Bigger companies still detect it faster.
Amazon Web Services (AWS) is the leading cloud service provider to small businesses, so as the cloud is becoming widely adopted, businesses must take essential and necessary steps to keep them secure.
Around 93% of Small business data breaches are motivated by financial aspects. The attackers who are financially motivated tend to attack small businesses more, unlike large businesses.
Small businesses are more vulnerable to cyberattacks and data breaches
According to a report, there is not a large gap in the number of breaches between small and big companies. However both have different systems of managing the breaches, and both of them have different detection capabilities.
Some methods can be used to have a multi-layered protection system.
• Endpoint security solutions.
• Cyber security checks.
• Computer use devices.
• Data backups.
• Regular Updating.
These methods along with some other privacy methods can help to secure small systems.
Conclusion
Small and medium-sized companies should be more cautious and take steps to protect their security. The common notion regarding them being safe is wrong and should not be promoted. Small companies should put in place cybersecurity mitigation measures.
Security should not be limited to just SAL but should be increased beyond it, use of firewalls, secure CDNs, 2FA and endpoint security. All the devices used whether hardware, software, or servers should be kept up to date.
The most common threat used against small businesses is Phishing, so mechanisms should have opted to detect them in the first instance only to not let them dig deeper into the small business’s system.
Roma is giving the best risk advisory by considering different aspects of risk by using the quantitative and qualitative approaches for managing risk and providing advice accordingly.
