7 Common Mistakes SMB’s Make When It Comes To Cybersecurity
Small businesses are prime targets for cybercriminals, and the consequences of a successful cyberattack can be devastating. Avoid these common cybersecurity mistakes to protect your business:
Cybersecurity is often seen as a daunting expense for small businesses. The misconception that cybercriminals only target large corporations can lead to a lack of prioritisation in building a robust cyber defense. However, this couldn’t be further from the truth. Small businesses are frequently targeted because they often lack the resources and defenses of larger organisations. Ignoring cybersecurity not only jeopardises sensitive data but also puts the entire business at risk.
Cybercriminals are getting smarter and more sophisticated. They increasingly focus on SMBs because these businesses often represent quick and easy targets. With fewer resources dedicated to cybersecurity, small businesses are easier to infiltrate, allowing cybercriminals to make quick profits, remain undetected, and swiftly move on to their next victim. This dangerous trend underscores the urgent need for small businesses to take cybersecurity seriously and invest in protective measures.
Why SMB’s Are Targeted By Cybercriminals
Backing up this claim, a recent report shows that:
- 61% of small businesses don’t have a dedicated IT team supporting them in their cybersecurity defenses.
- 47% don’t have an incident response plan.
- 27% don’t have cyber insurance coverage.
What’s even scarier, is that 63% of SMB’s who experience a data breach, go out of business within six months of an attack.
These statistics underscore the critical need for small businesses to invest in cybersecurity, and remain protected against these online criminals.
In this article, we’ll explore the seven most costly mistakes small businesses make when it comes to cybersecurity.
- Underestimating The Threat
Many small business owners believe they are too small to be targeted by cybercriminals. This misconception can lead to lax security practices and an increased risk of attack. Cybercriminals often view small businesses as easy targets because they typically have fewer resources dedicated to cybersecurity, and therefore have a vast list of vulnerabilities which they can exploit, gaining access to your business and the information they’re after.
- Accessing Data On Personal Devices That Aren’t Protected
The rise of remote work and BYOD (Bring Your Own Device) policies has become the new norm. However, we regularly see SMB’s that have great in-office cybersecurity, allow their employees to access sensitive data from personal devices that aren’t protected with the same security . Without adequate protection, personal devices can become a gateway for attackers to access sensitive business information.
- Ignoring Software Updates and Patches
Outdated software is like an open door for cybercriminals. Many small businesses fall into the habit of delaying software updates and patches because they seem inconvenient or time-consuming. For example, an employee might dismiss update notifications for their operating system or business applications, thinking they’ll address them later. Unfortunately, these delays can leave your systems vulnerable to known exploits that attackers can use to gain access.
- Weak Password Policies
We’ve all been known to avoid creating what is being recommended by these defense systems as a strong password, for the purpose of it being convenient and unforgettable. Moreover, passwords are often stored on computers, or shared between colleagues through email, SMS, and other means of contact. Unfortunately, these practices make it much easier for cybercriminals to gain access to your systems. A weak or reused password can be easily guessed or obtained through phishing, allowing attackers to infiltrate your network and steal sensitive information.
- Insufficient Data Backup and Recovery Plans
Many small businesses underestimate the importance of regular data backups and a solid recovery plan. It’s not uncommon to see businesses relying solely on their primary systems without any fallback in place. For example, a company might store all its critical data on a single server without any routine backups. In the event of a ransomware attack, this lack of preparation can lead to significant data loss and operational downtime.
- Lack of Multi-Factor Authentication (MFA)
Relying solely on passwords for authentication is a common yet risky practice. Many small businesses continue to use single-factor authentication, making it easier for cybercriminals to gain unauthorised access through stolen or guessed passwords. For instance, an employee might use a weak password for their email account, which, if compromised, can lead to further breaches within the organisation.
- No Incident Response Plan
In the chaos following a cyberattack, many small businesses find themselves without a structured response plan. Without clear guidelines, the response can be slow and disorganised, exacerbating the damage. For example, if a company experiences a data breach and has no incident response plan, employees may not know who to contact, how to contain the breach, or what steps to take next, leading to prolonged exposure and greater financial losses. Cyber Liability Insurance is also crucial in this scenario in order to protect your business from the legal costs and ramifications of cyberattack.
Avoiding these common cybersecurity mistakes is crucial for protecting your small business against cyberattacks that can have devastating effects such as wiping your bank account, causing significant reputational damage, psychological traumas to staff and customers, and legal ramifications.
Protect Your SMB with xSpectre
Contact xSpectre to learn more about how we can strengthen your cybersecurity posture, with solutions tailored to the unique needs and budget of your small business.
