26 Apr What’s the Impact of a Small Business Cyber Attack?

Small Business Cybersecurity

You’ve probably heard about a major company experiencing a data breach at least once in the past six months to a year. You may think that cyberthreats and the cybersecurity business are only applicable for governments or large corporations. You would be wrong. According to the Better Business Bureau, 22% of small businesses have been the target of cyberattacks.

What’s at Risk When Cyber Attacks on Businesses?

Small business security is something you invest in the physical world. Items like cameras, doors, locks, and security systems are a given for small businesses with brick-and-mortar shops. So why should your online presence be any less well guarded?

Cyberattacks can put your data, money, and IT equipment at risk. If a cybercriminal – or “hacker” – gains access to your network they could do serious damage. Via your online network, hackers could get access to:

• Customer credit card information
• Your company’s bank details
• Product designs
• Manufacturing processes
• Access to client lists
• Your pricing structure

If a hacker can get past your small business network security, they could use this access to your network as a stepping stone to invade the networks of other companies who supply yours. Every business should do its part to protect themselves and their colleagues from digital threats.

What’s the Impact of a Small Business Cyber Attack?

Did you know that 60% of small businesses that are victims of a cyber attack shut down within 6 months of being breached? While the loss of your business may be devastating, there are other consequences that your business could experience from a corporate cyberattack:

• Financial loss from disruption of business
• High costs to get rid of the network threats
• Financial loss from banking information theft
• Damage to your reputation

What Can You Do to Improve the Cybersecurity of Your Small Business

As a small business, you may be worried about investing in small business security and feel overwhelmed and helpless against cyberattacks. The good news is that there are lots of actions you can take to protect your company.

The first thing you should do is perform a risk assessment. Examine where and how your data is stored and who has access to it. Identifying and analyzing possible threats can help you form a cybersecurity business plan. Once the analysis has been completed, use this information to revise your security strategy at regular intervals. The second thing your company should do is deploy antivirus software. This can help protect all of your devices from spyware, viruses, ransomware, and phishing attacks. Finally, back up your files regularly. If a cyberattack does happen to your company, you want to make sure your business can still function even if your network is compromised. Store vital information offline so you can still get to this information if your network is down.

Are you concerned about your small business’s cybersecurity? The team of specialists at Cyber Guard are leaders in cyber education and cyber insurance services. Their professionals know everything there is to know to help you effectively guard yourself and your business. Contact them today for a quote!