Why Data Security Should Be a Priority for Small Businesses

1. Why Data Security Should Be a  Priority for Small Businesses    Cyber incidents, cyber attacks, cyber warfare, cyber threats, call it what you will, but  they consistently rank as one of the top five risks facing businesses today. Some  business executives even view them as the top business risk, greater than economic  uncertainty, business interruption, and damage to the brand name.     The severity of this risk has spotlighted the importance of ensuring and managing data  security. In fact, for businesses, it’s become one of the most important issues to  address, as the consequences of not having data security can be ​disastrous.         This is particularly true for small businesses when you consider that approximately 60%  of small businesses are forced to close within 6 months of a cyber attack. That’s a  pretty sobering statistic and one that should have small business owners running to  secure their data if they haven’t done so already.     However, for those small business owners that are of the ‘this won’t happen to me’  mindset and still unconvinced of the threat posed by cyber-attacks, here’s another  sobering statistic: 43% of cyber attacks target small businesses. 

2.   But why do hackers like to target small businesses?    One reason that hackers like to target small businesses is their valuable data, which  has full names, email addresses, phone numbers, billing addresses, credit card details,  etc.     Hackers just love to get their digital hands on this type of data and sell it on the Dark  Web or hold it for ransom until a ransom fee is paid to get it back. They also ​see small  businesses as a backdoor to larger enterprises;     a way to crawl their way into larger companies where there is potential for even bigger  rewards. ​In addition, small businesses make attractive targets because they are also  easy targets. ​Lack of security expertise, fewer or no technological defenses, less     awareness of threats and less time and resources to spend on cybersecurity all make  small businesses ‘easy pickings’ for cybercriminals.           More reasons to make data security a priority    If all that isn’t enough reason to make small businesses prioritize data security,  perhaps knowing that massive data breaches are on the rise is.     In the past, it was easier to bounce back after a data breach because most breaches  resulted in only a small amount of data being lost or compromised, but that is no longer  true.  

3.     Today data breaches cost small businesses $200,000 on average, a sum that most  would find difficult to absorb.    Furthermore, attacks are becoming simultaneously easier to launch and more  sophisticated.           Take, for example, ransomware-as-a-service, a pay for use malware that ​allows cybercriminals with little technical skill to attack with relative ease, and even adjust the ransom demand according to the business’s size and ability to pay.   And once launched, cyber attacks snowball into a host of other devastating  consequences rangin​g from costly fines and litigations due to legal actions taken by  customers hurt by the breach to reputational damage, exorbitant ransom fees to get  data back, and of course, loss of business.    On the other hand, when you have strong data security, you’re golden    Fortunately, small businesses aren’t defenseless. They can take a proactive approach  to cybersecurity by committing the time and resources needed to strengthen their data  security, and they can do it without breaking the bank.      

4.       By being proactive, businesses can safeguard their sensitive and valuable information,  protect their business’ reputation, boost their marketing and competitive edge, and  head off the future costs that would have been caused by cyber-attacks.         In short, a proactive approach to data security means you avoid the crippling costs of a  cyber attack but receive all the benefits that data security bestows. In other words,  you’re golden.    And taking a proactive approach isn’t difficult or costly    Even more good news is that data security measures can be both thorough and  seamless without being costly or difficult to implement. Firewalls are a good place to  start. Firewalls, monitor incoming and outgoing traffic and prevent unauthorized  connections and malware from entering your network.     Cybersecurity awareness training for employees is also crucial to data security.  Businesses must teach their employees how to recognize and report cyber attacks  such as phishing or email fraud and company security policies should be explained.  Ultimately, the aim of cybersecurity awareness training is to create a  security-conscious business culture.    

5.       A powerful antivirus solution is another vital component of data security. Antivirus  programs detect, identify, and remove malware. They notify you when an infected file  has been detected and quarantine or remove.             it before it infects other files or your computer or data. Business owners that are  evaluating antivirus solutions can start by downloading a ​free antivirus for small  businesses​. This will give them an opportunity to become familiar with the tools and the level of protection that the solution offers. They should look for a ​small business managed antivirus ​that is managed from a single console and that provides endpoint protection so that all business computers are protected, not just one.     

6.       Businesses should also make sure their Web browser is secure so that they are  protected from suspicious websites, pages, and links, which can expose them to an  assortment of cyber threats.     A secure browser provides Internet protection by keeping users away from malicious  URLs and websites and by making sure they only navigate to safe websites and links.           Without ​Internet protection​, your business is vulnerable to Trojans, spyware, PUPs,  phishing attacks, and more.     Lastly, all businesses should adopt a strict password policy. This includes making  passwords at least 8 characters long, although the longer the better, as well as using  mixed characters such as upper and lowercase letters, numbers, and special  characters.     In addition, employees should be reminded never to reveal passwords and to always  use different passwords for different accounts.    The writing on the wall  As businesses, large and small, consider the magnitude of the risks posed by cyber-attacks and then look at the benefits earned by making data security a priority, they can see the writing on the wall: threats to data are one of their biggest risks, so data security must be one of their biggest priorities. It is critical to safeguarding valuable data and business safety. It is a necessity, not a luxury.