Cyber attacks and security threats are becoming more and more commonplace, given that a lot of businesses have gone digital. Businesses, no matter how big or small, should enact measures that protect their data as well as sensitive customer information from security breaches from their system. As a small business owner, learning about these types of security threats will allow you to identify ways for you to protect your business. By knowing about how these security threats occur, you can implement risk mitigation and proper security policies to avoid experiencing them in your own business.
Here are some of the top security threats that you should protect your small business against.
A body of research shows that over 50 percent of startups and small businesses go through a cyber attack each year. More than 60 percent of these undermined businesses go out of business within the following six months. These figures demonstrate that doing the bare minimum for cybersecurity measures is no longer a good idea. This means businesses must make plans to invest in technology and personnel that can fortify their system.
These days, many business owners are under the belief that they could not possibly be targets for security threats. Because of this, so many companies are more likely to ignore or misunderstand particular types of threats. Targeted cyber attacks, or those attacks on company information that are perpetrated by intrepid teenagers or worldwide organized crime rings, are external risks that can extract information over a longer period of time. For instance, phishing attacks which are advanced threats that can bring about a loss of business. Companies should implement action plans that would provide their system with better security against such cyber attacks.
Data breaches including calculated leaks from disgruntled employees to errors like misplaced laptops are internal risks due to the fact the threat arises from within the company. Businesses should enact programs that would help their employees become more aware of the right data security steps to prevent these types of breaches from taking place. Even though it is necessary to strengthen internal procedures and teams, professional security services may also be able to help lower risks.
As per a recent study, a considerable number of confirmed security breaches involved taking advantage of weak, stolen, or default passwords. What this means is that a lot of businesses are currently still depending on single factor authentication. Companies hesitate to enable multi-factor authentication because they believe that this would negatively impact user experience. Nevertheless, even ordinary Internet users are increasingly becoming aware of the risks of stolen identities and vulnerable information. Industry authorities believe that this knowledge will lead more businesses to use multi-factor authentication processes.