November 7, 2024

How Small Businesses Can Protect Themselves from Growing Cyber Threats

It is high time to bring attention to one of the most pressing issues businesses face today- cyber threats. Small and medium-sized businesses (SMBs) are increasingly targeted by cybercriminals, and the statistics are alarming. Here are a few:

Almost 43% of cyberattacks target small and medium businesses—a reminder of just how important tools like endpoint protection and network monitoring are to detect threats early.

A surprising 96% of SMBs struggle to investigate suspicious alerts, which makes them even more vulnerable. Streamlined alerts and automated responses can make a real difference here.

Nearly 60% of small businesses close within 6 months of an attack. Having a solid recovery and backup plan is key to staying resilient against both financial and reputational damage.

Cyberattacks happen over 2,200 times a day—every 39 seconds. This pace highlights why continuous monitoring is essential to staying ahead of potential risks.

With these facts in mind, let’s understand why SMBs are prime targets for cyberattacks and, more importantly, how they can protect themselves.

Why Are Small Businesses Targeted?

It may seem like large corporations with vast amounts of data would be the main targets of cybercriminals, but small businesses are often seen as low-hanging fruit. Why? Here are a few reasons:

1. Limited Resources: SMBs typically don’t have the same budget or dedicated cybersecurity teams as larger corporations, making it harder for them to invest in comprehensive security measures.

2. Lack of Cyber Expertise: Many small businesses don’t have in-house experts who can identify, investigate, or respond to cyber threats effectively.

3. Valuable Data: Despite their size, SMBs store sensitive information—like customer data, intellectual property, and financial records—which is valuable to hackers.

4. Supply Chain Vulnerabilities: Small businesses are often part of larger supply chains. A breach in one SMB can compromise an entire network, making them an appealing entry point for cybercriminals.

Ways Small Businesses Get Targeted

Cybercriminals use a variety of tactics to breach small businesses. Here are a few of the most common methods:

Phishing Attacks: These involve emails that look legitimate but are designed to trick employees into clicking on malicious links or providing sensitive information.

Trojans: Malware that disguises itself as a legitimate program, giving hackers access to your systems and data once it’s downloaded.

Ransomware: Hackers use ransomware to lock down your data and demand payment in exchange for its release.

Credential Theft: Cybercriminals steal usernames and passwords to gain access to accounts, often through weak password policies or data leaks.

Wi-Fi Vulnerabilities: If employees connect to insecure public Wi-Fi, hackers can easily intercept their data and gain access to business networks.

With attacks happening so frequently, the question isn’t if your business will be targeted, but when.

Insurance – Is It Enough?

While having cybersecurity insurance can provide some peace of mind, it’s not a catch-all solution. Cyber insurance can help cover the costs associated with a breach, such as legal fees, fines, and recovery expenses, but it won’t prevent an attack from happening in the first place. In fact, if your business doesn’t have adequate security measures in place, you may face higher premiums or even be denied coverage.

This is why it’s essential to pair insurance with proactive cybersecurity practices. Prevention is always better than trying to recover from a devastating attack.

How Can Employees and Companies Work Together to Stay Safe?

Employees are often the first line of defense in preventing cyberattacks. They should be educated about safe online practices, but it’s a team effort. Here’s how employees and businesses can work together:

Employee Education: Regular training on identifying phishing attempts, creating strong passwords, and using secure communication channels is crucial. Encourage employees to report suspicious activity without fear of repercussions.

Simulated Phishing Tests: Test your employees by sending fake phishing emails to see how they respond. This can help identify gaps in awareness and provide an opportunity for additional training.

Secure Devices: Make sure employees use company-approved devices for work, and implement strong security policies like multi-factor authentication and VPNs for remote access.

Cybersecurity Newsletters: Regular updates through emails or internal newsletters keep cybersecurity top of mind for employees, helping to reinforce good practices.

What Should Be Done from the Company’s Perspective?

From a business owner or IT manager's perspective, having a robust cybersecurity plan is key. Here are a few steps you can take to ensure your business is protected:

Develop an Incident Response Plan: In the event of an attack, having a clear incident response plan will help minimize damage and get your systems back online faster. Include procedures for communication if traditional channels are compromised.

Invest in Security Software: Use reputable security software to protect your systems from malware and unauthorized access. Update it regularly to stay ahead of emerging threats.

Regular Backups: Back up your data regularly and store it securely. This will help you recover your data without paying a ransom if you fall victim to ransomware.

Use Strong Password Policies: Implement company-wide password policies that encourage the use of complex passwords and frequent updates. Consider using a password manager to store passwords securely.

Monitor for Suspicious Activity: Regularly monitor your network for unusual behavior that could indicate a cyberattack. Having real-time alerts in place can help you respond quickly.

How Can AxCrypt Help Protect Your Business?

Now that you understand the risks and how to prepare for them, let’s talk about how AxCrypt, an encryption software, can enhance your cybersecurity strategy.

Encryption is one of the best ways to protect sensitive business data, and AxCrypt offers a range of features to help small and medium businesses stay secure.

1. Strong Encryption: AxCrypt uses AES-256 encryption, one of the most secure encryption standards available today. This ensures that even if your data falls into the wrong hands, it’s unreadable without the encryption key.

2. Centralized Key Management: Managing encryption keys across your organization is simplified with AxCrypt’s centralized key management. You can easily manage permissions, ensuring that only authorized employees have access to certain data.

3. Group Key Sharing: Need to share encrypted files with your team? AxCrypt’s group key sharing feature makes this easy and secure, ensuring only the right people have access to sensitive information.

4. Master Key Access: Worried about losing access to important files if an employee leaves or forgets their password? With AxCrypt’s Master Key feature, administrators can still access encrypted files, ensuring critical data isn’t lost.

5. Cloud Storage Integration: If you use cloud storage services like Dropbox, Google Drive, or OneDrive, AxCrypt integrates seamlessly to automatically encrypt your files, giving you peace of mind that your cloud data is also secure.

6. User-Friendly Interface: You don’t need to be a tech expert to use AxCrypt. Its intuitive interface makes encryption as simple as a few clicks, making it accessible to all employees, no matter their tech skills.

7. Mobile Encryption: Work on the go? AxCrypt offers mobile encryption for iOS and Android devices, so your data is protected even when you’re not in the office.

8. Priority Support: As a business user, you’ll receive priority support from AxCrypt, ensuring that any issues are resolved quickly to minimize downtime.

Conclusion!

Cybersecurity is now more important than ever. As small to medium-sized businesses increasingly rely on the internet for everything from services to customer feedback, they become prime targets for cyberattacks. It's essential for these businesses to recognize the risks and take proactive steps to protect themselves. By raising awareness among employees and implementing strong security measures, companies can create a solid defense against cyber threats.

Think of AxCrypt not just as encryption software, but as your first line of defense. Start your free trial today and explore its powerful features.