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Businesses today are undergoing rapid digitalisation, with many of their services and operations integrating high-tech solutions, such as cloud computing, communication and project management tools, customer relationship management (CRM) platforms, and so on. While these technologies can help companies enhance efficiency and productivity, they also expose them to numerous risks, as the frequency of cyberattacks like ransomware or phishing is on the rise. Therefore, it follows that cybersecurity should be a top priority for all market players, regardless of size or industry.
However, smaller enterprises often fall short in this area, lacking adequate measures to protect their systems from the actions of malicious actors. Sometimes, this is a direct consequence of having limited resources, which prompts them to cut corners in terms of cybersecurity, leaving them with critical gaps in their defences. Other times, a lack of awareness is at fault. A lot of entrepreneurs don’t fully understand the perils they expose themselves to, or are under the false impression that hackers usually focus their attention on big companies since they hold more data and assets that could tempt them.
That couldn’t be further from the truth, with statistics making it abundantly clear that no business is too small for cyber threats. Quite the contrary, cybercriminals primarily target small and medium-sized enterprises (SMEs), precisely because they have fewer protections in place, which makes them an easy prey – and their data is just as valuable as that of large businesses.
According to the latest data, 46% of all cyberattacks are aimed at companies with fewer than 1000 employees. When successful, these attempts can cause losses ranging from $120,000 to $1.24 million for SMEs. So, just because a company is small doesn’t mean it’s less susceptible to the rising threats in the digital space, nor that it requires less investment in cybersecurity. Under these circumstances, it becomes clear that ramping up cybersecurity efforts and strengthening their defences is a must for all SMEs, so let’s see what can be done in this respect.
Periodic cybersecurity assessments
In order to improve cybersecurity, a company first needs to understand where it stands. Vulnerabilities often remain hidden until an unfortunate incident brings them to the surface, so many companies are oblivious to the dangers that surround them, thinking they have nothing to worry about.
That’s why periodic evaluations of key systems, policies, and processes in an organisation are an utmost necessity. Regular in-depth assessments are crucial for spotting weaknesses and security gaps and addressing them before bad actors get the chance to exploit them. This proactive approach of taking preventive measures instead of simply reacting to issues when they arise can stop attacks in their tracks and save SMEs a lot of money and trouble.
Follow password best practices
Passwords serve as one of the first lines of defence against digital threats, so the security of business accounts and devices, and the sensitive data and assets they store, largely depends on their ability to create strong passwords and manage them effectively. Unfortunately, poor password handling remains a widespread issue in the business space, with compromised credentials being a factor in 49% of all data breaches.
Adopting proper password management practices is a simple and easy-to-implement solution that can make a huge difference to an organisation’s security. One should focus on creating passwords that are long, complex, and unique, and frequently updated, making them practically impossible to crack. Using a password manager for business is also a smart move, as this can help SMEs stay on top of password generation, storage, and sharing, and thus prevent unauthorised access to systems and resources.
Multilayered network security
When hackers look for ways to break into a company’s systems, networks are typically the first to be targeted since they often represent an accessible entry point, especially since many businesses have adopted a remote or hybrid work model over the past few years, which has expanded the attack surface.
This emphasizes the need for SMEs to secure their networks by implementing a variety of measures and solutions, such as firewalls, encryption, intrusion detection systems (IDS), virtual private networks (VPNs), and so on, to ensure they cover all their bases. The more comprehensive their security measures, the less likely it is for malicious entities to gain access to their networks.
Regular system updates
Technology advances rapidly, and, unfortunately, so do hackers’ skills and strategies. Cyberattacks are becoming increasingly sophisticated as criminals continue to develop new methods that can help them exploit potential vulnerabilities and put their nefarious plans into practice.
So, companies have no choice but to keep up with these changes and do their best to remain vigilant against emerging threats if they don’t want to become easy targets. For SMEs, the most accessible solution is keeping their software and systems updated. This helps prevent breaches by patching up weaknesses and closing security gaps.
Employee education
Many tend to associate cyberattacks with technical flaws and inefficiencies, and although these may be among the contributing factors, studies consistently show that human error is at the root of most incidents, being responsible for almost 95% of all security breaches. While the data is concerning, it also implies that many of these events could be easily avoided if companies focused more on training and educating their employees on cybersecurity.
Making sure employees are well aware of potential threats and the steps they need to take to tackle them effectively is sure to lower risks considerably. However, it’s not enough to develop strong security policies and keep employees in the loop. Enterprises also have to ensure these rules are consistently followed by establishing clear procedures, implementing enforcement mechanisms, and building a culture of accountability.
Final thoughts
Budget constraints, lack of insight, and the constant rush to boost productivity and profit cause many SMEs to treat cybersecurity as an afterthought, but in doing so, they put their safety and livelihood at risk. Prioritising cybersecurity always pays off for all types of businesses, big and small, as it ensures a safe environment for them to operate and prosper.