10 MAR 2022

Cybersecurity Strategies for Small and Midsize Businesses

BY TRUDO

Photo source: Elmhurst University
Due to the rapid pace technology is developing, all businesses are going through digital transformation. Depending on the type of business, some have already gone through it and some (to not say all of them) are not able to start functioning as a business without incorporating technology within their systems.

The threat from cybercrime is pervasive throughout the world. Small to midsize businesses are even more at risk of cybercrime due to lack of proper cybersecurity programs.

Cybercrime has become a very large economy in the world market, which in monetary gains could be considered to be third in line, right after the economy of countries like the US and China. Cybercrime is developing more and more as other technologies are developing and it’s definitely entered a new era.

Cybercrime has become a very large economy in the world market, which in monetary gains could be considered to be third in line, right after the economy of countries like the US and China. Cybercrime is developing more and more as other technologies are developing and it’s definitely entered a new era.

Small to midsize businesses, as mentioned above, are great targets for cybersecurity attacks due to either having a very weak cybersecurity infrastructure or lacking one completely. On top of lack of security, cyberattackers have a common opinion that midsize businesses do little to nothing to strengthen their cybersecurity, which makes them an appealing target. Unfortunately, with the cybersecurity threats evolving, most small businesses are vulnerable to cyberattacks, as they feel they can’t afford professional IT help or lack the time to devote solely to cybersecurity (US Small Business Administration survey).

A common misconception between owners of small to midsize business owners is that they think due to the fact that their business is smaller, they are not susceptible to cybercrime attacks. This opinion also can lead to making businesses more vulnerable to attacks.

As a small to midsize business owner you can work on certain strategies that will not necessarily cost a big amount of money or take too much time. Adding small things in the daily work routines will go a long way.

Educate yourself and your employees

Understanding the risk and the severity of cyberattacks will be the first step to improving your cybersecurity system. Thinking that “it will not happen to my business” is one of the main reasons as to why it will happen. Creating an overall idea on how possible cyberattacks can access your business will close certain doors that could possibly lead to a bigger attack.

Most of the time the attacks come in directly from employees. Educating and training your employees about basic internet usage, how to spot phishing emails, to avoid downloads of suspicious activity, to avoid opening every link they get by messages and so on. Practicing good internet browsing is key to protecting your company through employees.

Always expect an online breach, monitor and target All businesses should have an existing system that will work for them to their capabilities for when a possible worst situation occurs. Constantly monitoring the system and existing mechanisms will give enough warning signs and point out abnormal behavior within the organization and hold threats at bay.

How early in the attack is there a potential security team alerted?

Will the defenses plan you have in the system enough to slow the attacker and give the team time for a counterattack? These questions will help perfecting whatever loopholes there can be within the system and get the business owner prepared for any breach.

Be aware of the supply chain

A lot of attackers are using suppliers as a third party to get into larger and more important databases. Being aware of your supplier's security system will give you a step forward into protecting your own critical systems by getting rid of the possibility of having attacks from outside of the company, as it can happen very often through third parties.

When it comes to cybercrime, in this day and age, everyone is vulnerable. But we can eliminate risk with the right technological practices, a right security team and a proper security system, cyberattacks can be caught in time without causing severe internal damage. Especially midsize and small businesses should opt for more advanced security systems as they are more at risk.