Is Your Business At Risk of a Cyber Threat this Year?

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Is Your Business At Risk of a Cyber Threat this Year?

Fri, 08/12/2022 - 14:17

Small business owners are busy growing their brands, hiring workers, creating new offers and managing customer relationships. It’s natural for them to somewhat put cybersecurity on the backburner. The problem with not protecting your company now is that you may be more at risk of an attack than you think. Cybercriminals don’t just target big corporations with hacking attempts. 

Are Small Businesses at Risk of Cyber Attacks?

According to the Hiscox Cyber Readiness Report for 2022, about 48% of companies dealt with a cyber attack in the last year–a 43% increase. The pandemic forcing many companies into remote work situations has accelerated their cloud journeys. Unfortunately, this also increased the number of attacks on servers. 

About 19% of respondents in the report had been victims of ransomware-a 3% increase from 2021. At the same time, the average cost of an attack is on the rise. Being aware and protecting your assets is a vital part of running a small business in the new post-pandemic age. 

Here are some things to focus on as you seek more security for your data. 

1. Focus Your Effort

Separate risks into categories. What is the highest risk for you? Choose the ones that have the ability to cost your organization the most money. Separate risks by high, medium and low. For example, a data breach may cost you customers and cause fines to accrue if you serve citizens in some states or European Union countries due to new regulations such as the General Data Regulation Protection (GDPR) act. 

2. Plan Your Response

In one survey, 5% of respondents reported surviving between one and five cyber attacks in a single calendar year. The key to overcoming the worst case scenario is having a response already in place.

For example, if the breach exposes customers’ personal data, have your email ready and let people know what you’re doing to rectify the situation. Plan for all possible contingencies. 

3. Train Employees

One of the easiest ways for cyberthieves to get into your site is by tricking one of your workers or stealing their login credentials. Prevent some attacks by training your staff about phishing emails and other threats. 

For remote workers, make sure they have antivirus software and malware protection installed. Require they change their passwords frequently and use ones difficult to guess. 

4. Protect Against Common Threats

Skilled hackers can get into company websites about 93% of the time. Fortunately, many attacks come from amateurs and can be circumvented. Look at the most common types of data breaches in your industry and ramp up security against those threats. 

If you’re unsure which back door entries cyber criminals currently use, talk to an expert and even hire a company to check for vulnerabilities. 

5. Monitor for Copy Cats

You might not face a direct attack on your website or databases. Today’s online thieves might copy the look of your site and set up a similar domain name. They’ll run ads so when someone searches for your company, the fake site pulls up first in search engine results pages.

When a customer goes to the site, they are either inundated with ads or the copy cat takes their financial information. The customer never receives the order and the shopper believes you’re the one at fault. Such actions can cost a company their reputation and loss of future business. 

The faster you find issues and shut them down, the better. Search for your name and common keywords at least once a week. Doing so will also help you keep an eye on competitors. 

Is Your Business at Risk of a Cyber Threat?

The short answer is yes. Every business that has any digital component is at risk from hackers. However, if you take just a few steps to keep data safe, you’ll avoid the most common problems. Feeling secure allows you to focus on building your brand and not worrying about the what ifs.