Blog

Cybercrime is up significantly in small and medium-sized businesses. Now is the time to proactively assess your security measures.

The Biggest Security Threat to Your Business

The Biggest Security Threat to Your Business

The Biggest Security Threat to Your Business

Cybercrime is skyrocketing in the U.S. The relentless barrage of cyberattacks should have all businesses on edge. Cybercrime is up significantly in small- and medium-sized businesses because they are a target-rich environment. All a cybercriminal needs to do is infect 10,000 small businesses with a ransomware cryptoworm and extort $5,000 from each to haul in $50 million, and that's just a day's work. With that kind of success, you can expect ransomware attacks to escalate.

Yet, many businesses don't take it seriously enough until something happens to them or someone they know. Now is the time to proactively assess your security measures and address any potential issues because it will cost much more to clean up after a security breach.

They’re After Your Data

Your data is the target, whether it is to steal it or ransom it. The more your business is networked and interconnected with the marketplace, the greater your risks. The threats can come in the form of malware or phishing, both seeking to infiltrate your on-premises software and hardware endpoints. An increasing number of businesses are migrating their data storage and applications to cloud storage solutions with much higher security and data integrity levels.

However, not all data can or should be stored in the cloud. This might include legacy applications, mission-critical workloads, and other sensitive data. So, you need to put measures in place to protect your network's endpoint, detect threats, and respond to security breaches quickly. It's no longer good enough to set up a firewall and walk away. Every business should bring in a third party to conduct a vulnerability assessment.

The good news is businesses don't have to install an IT security staff. SaaS-based, third-party security services offer some of the best solutions that don't require significant investments in hardware and are easy to deploy. They provide services that can protect your entire IT stack – the server, devices, operating system, and data layers.

Employees are Your Biggest Liability

For any sized business, employees remain the most significant security risk. With employees engaging in sales and networking across social networks, new pathways into the business constantly open up along with cybercriminals' opportunities to exploit them. Phishing attacks are the most prevalent form of cyberattacks, preying on employees who lack the knowledge or experience to spot them. Even the most careful and knowledgeable employees are vulnerable to the more sophisticated and highly targeted spear-phishing attacks. A spear-phishing attack targets an employee with an email masquerading as a legitimate message from someone in the business requesting sensitive information or access to a link where data is stored.

With phishing attacks up more than 800% in just one year, most businesses can expect to be on the receiving end of one or more. The most effective defense against a phishing attack or any cybersecurity threat is education to make cybersecurity top-of-mind with all your employees. Businesses that incorporate security training in their education and communications programs report a much lower incidence of successful cyber-attacks.

Make Cybersecurity a Top Priority

Cyberattacks are ramping up. Based on a recent attack targeting 150 businesses, the reach of cybercriminals is expanding, as are their capabilities. Regardless of the size of your business, it is essential to make cybersecurity a top priority or risk crippling it. Now is the time to conduct an assessment of your security issues, identify your vulnerabilities, and deploy all available measures to fortify your cyberspace.

 

Recent articles:

Mastering Cash Flow: How Banks Empower Small Businesses with Cash Management Tools
Mastering Cash Flow: How Banks Empower Small Businesses with Cash Management Tools - Optimize cash flow with bank cash management tools: ACH, lockbox, remote deposit, concentration banking, positive pay, ZBA, and merchant services.
Optimizing Productivity for a Remote Workforce
Optimizing Productivity for a Remote Workforce - Embrace the remote work revolution with strategic approaches to optimize productivity, foster communication, and prioritize employee well-being.
Digital Strategies: The Engine of a Virtual Distribution Strategy
Digital Strategies: The Engine of a Virtual Distribution Strategy - Digital strategies are essential for asset and wealth managers, including website optimization, email marketing, social media, SEO, and data analysis.
Attracting and Engaging Gen Z: The Future of Your Workforce
Attracting and Engaging Gen Z: The Future of Your Workforce - Embrace transparency, flexibility, and diversity to attract and retain Gen Z talent for a thriving future workforce.
Managing Cash Flow for Business Prosperity
Managing Cash Flow for Business Prosperity - Mastering cash flow management involves optimizing inflows and controlling outflows. Clear payment terms, electronic payments, and automated processes are key.
How to Position Your Bank as a Trusted Advisor for Small Businesses—And Why It Matters
How to Position Your Bank as a Trusted Advisor for Small Businesses—And Why It Matters - Small businesses need banks as trusted advisors for success. To bridge the gap, banks must offer tailored solutions and build strong, personal relationships.

Previous Articles: