Cyber security has become an essential aspect of doing business. Technology is present in every activity, and potential attacks can have devastating consequences.
Small businesses face unique challenges when it comes to cyber security, as they may have limited resources and expertise to invest in protecting their systems and data. However, this also means they are more exposed to the risks of threats, including financial losses, damage to reputation and business failure.
This article offers a comprehensive overview of cyber security, including common threats, best practices, and the steps small businesses can take to protect themselves against cyber attacks.
By implementing effective cyber security measures, small businesses can minimise risks and secure their digital assets, enabling them to focus on growing their companies.
What is cyber security?
Cyber security is the practice of protecting computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks, damage, or unauthorised access.
With so much of our personal and professional lives taking place in digital environments, the importance of cyber security continues to grow. Cyber security practices are necessary to safeguard sensitive information and critical infrastructure, minimising the impact of any security incidents.
Effective cybersecurity requires a multi-layered approach that involves both technology and human intervention.
The importance of cyber security for small businesses
Cyber criminals often target small businesses because they tend to have fewer or less sophisticated security measures in place. These companies may also have limited resources to recover from an attack.
Cyber security measures can help small businesses protect themselves and their customers from threats. Simple security measures such as using strong passwords, keeping software up to date, and training employees on best practices can already reduce risks.
Here are some of the reasons small businesses might be more vulnerable to cyber attacks:
Limited resources
Small businesses typically have limited resources to invest in cyber security measures, such as dedicated cyber security staff, specialised software, or security hardware.
Lack of expertise
Business owners and employees may not have the same level of expertise or training as larger organisations, making it easier for cyber criminals to exploit vulnerabilities in their systems.
Overreliance on basic security methods
Smaller companies may rely on basic security measures, such as antivirus software and firewalls, without realising that these might not be sufficient to protect against more sophisticated attacks.
Third-party risks
Small businesses often work with third-party vendors or suppliers, who may have access to their systems and data.
This relationship can create additional risks if these vendors do not have adequate cyber security measures in place.
Perception of being a low-risk target
Cyber criminals may see small businesses as easy targets for all the reasons listed above.
The most common cyber attacks
No matter how big or small, every business can be a victim of a cyber attack. For this reason, it is important to put robust security measures in place to prevent significant losses.
Here are the most common threats when it comes to cyber security:
Phishing
Phishing is a type of social engineering attack in which cyber criminals attempt to trick victims into revealing sensitive information, such as login credentials, credit card numbers, or personal data.
This type of attack can affect companies and individuals, usually providing a link that people will mindlessly click on.
Some measures can be taken to prevent phishing attacks, such as training employees, using two-factor authentication and anti-phishing software.
Malware
Short for malicious software, malware refers to any software designed to damage, disrupt, or steal data from a computer system. Common types of malware include viruses, trojans, and ransomware.
It is important to keep software up-to-date, use a firewall, and be cautious of downloads to prevent this sort of attack.
Denial-of-service (DoS) attack
An attack where cyber criminals flood a network or website with traffic, causing it to become overwhelmed and unavailable to users.
DoS attacks can be prevented using a protection service, such as a content delivery network (CDN). Firewalls and rate-limiting measures can also help avoid potential attacks or mitigate their effects.
Man-in-the-middle (MITM) attack
With MITM, cyber criminals intercept communication between two parties, stealing or altering the information being transmitted.
To prevent this type of attack, companies should use secure communication protocols and verify SSL/TLS certificates.
SQL injection
With this type of attack, criminals inject malicious code into a SQL query, potentially allowing them to steal or modify data in a database.
Limiting the privileges of database users can prevent attackers from accessing sensitive data in the event of a SQL attack. Encryption can also protect data and mitigate problems.
Cross-site scripting (XSS)
In cross-site scripting attacks, criminals inject malicious code into a website, potentially allowing them to steal user data or control the site.
Input validation, output encoding and using a content security policy (CSP) can help prevent this sort of attack.
Cryptojacking
Cryptojacking is an attack in which criminals hijack a victim’s computer or device to mine cryptocurrency without their knowledge or consent.
Anti-malware software and a virtual private network (VPN) can help users prevent this type of attack.
Password attacks
Password attacks can include brute force attacks, in which hackers try to guess passwords through trial and error or credential stuffing. In credential stuffing, criminals will use stolen login credentials from other sources to gain access to a business’s system.
This is a common attack on small businesses. It can be prevented by using two-factor authentication or a password manager, making it harder for criminals to access sensitive information.
Insider threats
Insider threats can come from employees or contractors who have authorised access to a business’s systems or data but use that access for malicious purposes, such as stealing information or disrupting operations.
Access controls can restrict access to sensitive data. Implementing data loss prevention (DLP) tools can also help an organisation detect and prevent data exfiltration.
Ransomware
Ransomware is a type of malware that encrypts a business’s files and demands payment in exchange for the decryption key.
This type of attack has become increasingly common, and it can be prevented by implementing email filters, using antivirus software and training employees.
Why invest in cyber security?
We have discussed how cyber attacks can impact businesses of all sizes. However, small businesses can be more vulnerable to hackers.
It might seem like investing in cyber security is not as necessary or urgent as focusing on other aspects of the business. Still, there are various reasons why companies should make this a priority:
Financial losses
A cyber attack can result in significant financial losses for companies of all sizes, but especially for small businesses.
Reputational damage
Attacks can also damage a company’s reputation. It can be more difficult for small companies to recover from this sort of damage, leading to loss of customers, decreased revenue, and difficulty attracting new business.
Legal liability and compliance requirements
Companies may be liable if they fail to protect sensitive customer data adequately. This can result in costly lawsuits and legal fees.
Companies must also comply with regulations such as the General Data Protection Regulation (GDPR) or the Payment Card Industry Data Security Standard (PCI DSS), which require businesses to implement specific cybersecurity measures.
How to implement cyber security measures?
It is clear that companies – and small businesses especially – should invest in cyber security and prioritise the safety of their employees, partners and customers.
However, it can be difficult to know where to begin.
Here are some steps small businesses can take to implement cyber security measures:
Conduct a cyber security risk assessment
Companies should assess their cyber security risks to identify vulnerabilities and prioritise their needs.
Verify your network security, software, hardware, and data storage practices to determine what should get more attention and understand what must be done.
Establish cyber security policies and procedures
Create policies and procedures in your company for data security, access controls, employee training, and incident response.
These policies should be communicated to all employees and regularly updated to maintain their efficiency.
Use strong passwords
Strong passwords can help prevent a few of the most common cyber attacks. Therefore, it is important that staff members are aware of best practices regarding passwords. They must be changed regularly and be unique to each account.
If that’s something too demanding, businesses can consider a password manager.
Keep software and systems updated
Ensure that all software and systems are regularly updated with the latest security patches and updates to prevent known vulnerabilities.
Use anti-malware and antivirus software
Companies should use anti-malware and antivirus software to detect and prevent malicious software from infecting their systems.
Companies specialising in cyber security will be able to guide businesses towards the best software to use.
Control access to sensitive data
Limit access to sensitive data to only those employees who need it to perform their job duties. This includes implementing access controls, such as role-based access control and two-factor authentication.
These measures will help companies prevent attacks such as insider threats.
Backup data regularly
It is important to back up data regularly to ensure that it can be restored in the event of a data breach or other disaster.
Backing up data is essential for any business. Cyber attacks aside, crucial information can be lost due to human error or other incidents.
Provide employee training
Staff should receive the proper training to avoid phishing threats and other preventable attacks.
People should receive information on cyber security best practices and how to avoid attacks so that they can also play a part in protecting data and resources.
Plan for incident response
Develop a plan to respond to security incidents, including how to contain and mitigate issues, notify parties, and recover after attacks.
Conclusion
Cyber security is a critical concern for businesses of all sizes, but particularly more important to small businesses. As risks increase and so much of our relationships take place in the digital world, protecting data, systems, and operations should be a priority.
Small companies are more vulnerable to attacks, as criminals might perceive them as easy targets. The consequences of losing data might be greater and more devastating than for larger companies. Therefore, it is necessary to take proactive steps for protection.
Businesses should assess the risks and put measures in place to mitigate the problems caused by eventual breaches. Training employees is also important in reducing the likelihood of a cyber attack.
In today’s digital world, it’s not a matter of if a small business will face a cyber attack, but when. Companies and individuals should take these threats seriously and invest in cyber security now.
