Cyberattacks on small businesses rarely make headlines, but they’re more common than you might think. In fact, 44% of small businesses have experienced a cyberattack, and 61% of those affected lost at least $10,000. Some businesses even face repeat attacks.
As more small businesses rely on digital tools, the risk of cyber threats increases. Post-pandemic, 70% of small businesses sped up their digital transformation, making them even more vulnerable. A 2024 survey revealed that 60% of small businesses are worried about threats like phishing, malware, and ransomware, and over a quarter fear they wouldn’t survive a major cyberattack.
Why Are Small Businesses Targeted?
Limited Cybersecurity Measures: Small businesses often have budget constraints, making it hard to invest in advanced cybersecurity tools and dedicated staff. For example, 43% of small businesses don’t even have a networked firewall.
Valuable Data: Despite their size, small businesses often hold valuable customer information, like credit card details and personally identifiable information (PII), making them attractive targets for cybercriminals.
Under the Radar: Attacks on small businesses typically go unreported, meaning there’s less likelihood of involvement by security agencies.
Lack of Awareness: Many small businesses mistakenly believe basic antivirus software is enough. In reality, 44% think they’re fully protected, but 41% don’t even have backup and recovery systems in place.
Phishing: The Most Common Entry Point
Phishing is the leading way attackers infiltrate small businesses. This involves sending fake emails or messages that trick employees into giving up sensitive information. Other common methods include exploiting unpatched servers and stealing credentials.
How Can Small Businesses Protect Themselves?
Continuous Training: Regularly train employees on cybersecurity best practices, like recognizing phishing attempts and using strong passwords.
Multi-Tiered Security: Implement layers of security tools, including intrusion prevention systems, secure web gateways, and data recovery systems. Also, use multi-factor authentication to block unauthorized access.
Email Security: Adopt sender authentication protocols to verify the legitimacy of emails and reduce phishing risks.
Incident Response Planning: Prepare for the worst with a well-rehearsed incident response plan that outlines steps from detection to recovery.
Regular Updates: Keep systems, software, and devices up to date with the latest patches to close potential security gaps.
How a Virtual CIO and CISO Can Help
Hiring a full-time CIO or CISO can be expensive for small businesses. A Virtual CIO and CISO can provide the same level of expertise at a fraction of the cost. They can help set up your cybersecurity infrastructure, train your team, and ensure compliance with data protection laws—all while keeping your business safe and saving you money.
Conclusion
Small businesses must prioritize cybersecurity, even on a tight budget. By covering the basics, keeping systems updated, and having a solid plan in place, you can make your business more resilient against threats like phishing, ransomware, and data breaches. A Virtual CIO and CISO can be your strategic partner in this effort, providing expert guidance and cost-effective solutions to keep your business secure.
Keep Your Business Safe. Contact Us today!