Small businesses make up the majority of the world’s businesses. Due to their size, many of them think they don’t need to consider investing in cybersecurity. That couldn’t be further from the truth. The endgame of every business is profits, and a profitable business makes a good target for cyber-criminals. So, why do small businesses need cybersecurity? Keep reading to find out!
Why Small Businesses Need Cybersecurity Protection
You’ve seen some of the headlines regarding big cybersecurity breaches. Colonial Pipeline paid a huge ransom to get their data back and get the gas flowing again. JBS Meat also suffered an attack that shut down production for days.
If you are thinking that your business is too small for a group of hackers to try holding your data for ransom, think again. Many hackers think of small businesses as “low hanging fruit,” or as easy targets, since they don’t have big cybersecurity budgets to prevent an attack. Data held by small businesses can be just as lucrative as the data held by small businesses. Plus, they know that if you think it is more costly to restore your systems yourself, that you will pay them the ransom demanded. Even a small negotiated ransom is something to the cyber-criminal.
Small Business Cybersecurity Tips
So, what can you do to protect your business without spending big dollars? There are some simple things you can start with that are better than nothing and could end up thwarting a major attack where you could lose big dollars.
- Backup your data
This is the most important thing you can do to protect yourself from a potential ransomware attack. Ransomware is a type of malware that encrypts all of your data. To get it back, you need a decryption key — one that the hackers will sell to you. Having offline and offsite backups ensures that you can restore the data yourself and not need to pay a ransom for the decryption key.
- Use multi-factor authentication everywhere possible
Stolen passwords for accounts are a big problem. By using multi-factor authentication, you make it more difficult for a cybercriminal to break into your systems. Multi-factor authentication adds an extra layer beyond a valid password: a one-time code generated by token or SMS message.
- Hire a professional for their expertise
For many small business owners, the thought of having to hire full-time staff to look after cybersecurity is daunting. In addition to the skills shortage being a real thing, most small business owners cannot afford to hire full-time staff. Instead, you should look to hire a cybersecurity company to manage cybersecurity for you. An MSSP (Managed Security Services Provider) is an invaluable partner that can help you manage many aspects of cybersecurity. Some popular services include offsite backups, vulnerability management, and remediation and 24×7 support.