Small businesses will sometimes neglect network security and cybersecurity in general; it’s an expense that they may see as unnecessary. After all, how many cyber criminals are going to target a small business when there are much bigger targets out there?
The answer: A lot! Small businesses make excellent targets for cyber criminals precisely because they’re less likely to invest resources into protecting themselves and their sensitive data. Don’t become a victim of cyberattacks; keep reading to learn how to protect your small business and secure your network.
The Cyber Threat Landscape for Small Businesses
The cyber threats facing small businesses are very real. According to Statistics Canada, 16% of small businesses (10 to 49 employees) and 25% of medium businesses (50 to 249 employees) were impacted by cybersecurity incidents in 2021. At the same time, the Insurance Bureau of Canada found that a stunning 60% of small business owners believe their business is too small to be targeted—and that number rises to 73% for sole proprietors.
Cyber criminals prefer to target businesses that don’t protect themselves—it makes their work a lot easier.
Common Network Security Threats Facing Small Businesses
Malware and Viruses
Viruses, malware, and ransomware are all still real threats; they can infect your computer through a variety of different means. Keeping your software updated, teaching your team not to open suspicious files, and installing firewalls and antivirus software can all help protect your business.
Phishing Attacks
Phishing attacks use social engineering to give unauthorized users access to your network. They take the form of emails, texts, and other messages to deceive employees into providing sensitive information. The best way to protect your business from phishing attacks is to use email filters and to teach employees about the telltale signs of phishing attacks. You should also use multi-factor authentication which adds an extra layer of security in the event that an unauthorized user gains login credentials.
Distributed Denial of Service (DDoS) Attacks
DDoS attacks flood networks with unwanted traffic; they’re especially common when attackers want to shut down an online business. There are a variety of approaches attackers use when conducting a DDoS attack, and several tools and techniques to defend against them—from real-time threat monitoring to using load balancers. Your network host may have a variety of tools to prevent DDoS attacks.
Insider Threats
Employees can become the greatest threats to your network security; they already have access to the network and don’t need to jump through many hoops to compromise sensitive data. Segmenting which users can access different parts of your network, revoking credentials when employees are let go, and actively monitoring your network for suspicious activity can all help mitigate the risk of inside threats.
Consequences of a Security Breach
Cyber criminals almost always have a profit motive; when they’ve breached through your network security, they may try to access customer data to sell online, gain access to financial records and other critical data to blackmail your business, or shut everything down with ransomware and malicious software that stops you from being able to access your network. There are three main consequences to these breaches: Financial losses, reputation damage, and operational disruptions.
Financial Losses
Financial losses are the most obvious concern; you may have to pay cyber criminals a ransom to gain access to your network or even pay out damages as a result of a data breach. Operational disruptions can also lead to financial loss.
Reputational Damage
When your business suffers a data breach, you have to let your customers know—and that can lead to a serious decline in trust. You may lose customers, and potential customers may hear word-of-mouth or news about the breach. Reputational damage is hard to undo.
Operational Disruptions
Ransomware and data breaches can both lead to operational disruptions; these disruptions can last for days, depriving you of business income, and forcing you to spend time and money on bringing your business back online.
Building a Robust Network Security Strategy
There are a number of steps you can take to build a robust, secure network. They include:
Why Small Businesses Are Prime Targets
Small businesses are prime targets for cybersecurity precisely because they don’t believe they’re large enough to be worth a criminal’s time. They’re more likely to neglect network security. Think of cyber criminals like burglars; they won’t target the house that has an alarm system when they can target a house where the front door is unlocked.
Prioritizing Network Security for Business Continuity
The team at Constant C can help keep your network secure; get in touch with us today for network security solutions that keep your business running and stop cyber criminals from targeting your business.