By Jonathan Goldberger, Senior VP, Security Practice & Strategic Sales, TPx
Small businesses are the backbone of America’s economy. These past 18 months added another dimension of challenge that pushed many small businesses to unimaginable levels of creativity and entrepreneurial spirit.
Unfortunately, cybersecurity threats have added to the challenges facing small businesses.
A Symantec report revealed that about one in two businesses is targeted every year with cyberattacks. The report also found that roughly 1 in 40 small businesses is at risk of being the victim of a cybercrime.
The IT security threat is real; small businesses are plugging into the same internet as large companies. But these small businesses are at a disadvantage because they don’t have the resources, money or expertise to protect and respond to these attacks.
Businesses must prepare and strengthen their defenses against cyberattacks.
Ransomware has been a threat for decades, but the number of attacks has skyrocketed in the past two years. In fact, during the first half of 2021, the volume of attacks globally increased by 151%, and the FBI has warned that 100 different ransomware strains circulate the world.
What Is Ransomware?
Ransomware is a form of malware, where bad actors encrypt a victim’s files or lock the victim out of their devices, demanding a ransom for the victim to regain access to their device and data. It is like someone changing the locks on your house, and the only way you can regain access is to pay a ransom.
When ransomware attackers cast a wide net, they don’t care what company they catch. They just want the ransom. Businesses large and small face the unenviable choice of paying the ransom or paying the recovery costs. Both are crippling for SMBs.
Most ransomware attacks use phishing schemes, or bad actors target remote access protocols or web application vulnerabilities. With so many working from home amid the pandemic, cybercriminals have a greater opportunity to exploit weaknesses within a business’ security framework.
Why Are SMBs Particularly Vulnerable?
Security breaches and cyberattacks can happen to companies of all types and sizes. However, many small businesses go out of business just months after a successful data breach. While any company can fall victim to an attack, SMBs are at particular risk.
Beyond the general internet-wide net attackers cast, reports indicate half of all cyber-attacks target SMBs. Unfortunately, just 14% of those businesses are prepared to defend themselves.
Why?
Many small businesses don’t have dedicated internal IT teams to address and implement proper security measures. Very few small businesses have a cybersecurity expert who can delineate from the real risk versus the noise.
The user is the weakest link, and only through continuous security awareness training can employees learn about cybersecurity. Unfortunately, SMBs do not always offer the security training needed to prepare for and defend against attacks.
The 2021 Data Breach Investigations Report revealed that half (50%) of SMBs do not provide security awareness training to employees.
This “head-in-the-sand” approach is gambling with your revenues, your customers and ultimately, your business.
The result is the same: Small businesses that don’t prioritize developing and implementing a security plan are putting themselves at risk. For some, they may not know how to start the process.
Small businesses need a partner to navigate the marketplace’s threats and help set themselves up for success.
How Can SMBs Act?
Worried your business could be vulnerable? Here are a few steps small businesses can take to secure their business:
- Review your exposure and assess your risk. One option is to take advantage of a reputable free ransomware risk evaluation. Following the evaluation, make sure your partner provides a roadmap to remediating the top risks to your business.
- Educate your employees on cybersecurity risks. At a minimum, incorporate a continuous cybersecurity awareness training program that includes short topics each month and phishing exercises, so your staff don’t invite an attack but prevent an attack.
- Use current security technologies to protect against current threats. Many organizations rely on antivirus to protect against modern malware. Unfortunately, this doesn’t cut it against ransomware. All workstations and servers need software that protects systems based on the behavior of the malware.
- Don’t go it alone. Work with a trusted partner who knows how to make IT easy and understands how to protect your business because they know the intricacies of small business.
Do you feel prepared to tackle today’s threats? If not, why not consider a free ransomware evaluation and be prepared to face today’s volatile business landscape.
