What Cyber Security challenges do small businesses face?

When it comes to cyber threats for small businesses there is no company which is too small to be devastated.

SME Protection from cyber-threats

When it comes to cyber threats for small businesses there is no company which is too small to be devastated. In fact, SMB’s are facing increasingly sophisticated cyber-attacks from bad actors. As the magnitude and cost of these attacks continues to rise, small business computer security needs to be a top priority. Small business cyber-attacks can not only cause huge damage to reputation, it can also result in loss of critical assets and costs to fix the damage caused. To put it plainly, if these threats to small businesses are not combatted effectively, your business could be at risk of going into administration.

Small business cyber-attacks can not only cause huge damage to reputation, it can also result in loss of critical assets and costs to fix the damage caused.

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What Cyber Security challenges do small businesses face?

Budget constraints

Don’t become the low hanging fruit for cyber criminals. Unfortunately many SME’s are not prioritising investment into cyber security which exposes them to malicious attacks.

Employee theft

Bad actors inside a company are far more common than you think. You must be able to closely monitor activity on privileged accounts, once an employee leaves the business or you notice suspicious activity, access should be immediately revoked.

Human error

Whether users are negligent, careless, or simply uninformed, if companies fail to offer comprehensive cyber security training they have a much higher risk of suffering this kind of breach.

Lack of Cyber Security knowledge

Many small businesses lack the technical capability to independently secure their systems, therefore it is important to engage with security experts who can offer advice and consultancy tailored to your business requirements.

Lack of technical continuity

It can be a huge challenge for SME’s to manage the complication of many disconnected Cyber Security controls and solutions.

Mobile use and BYOD

Due to growing digitisation, cyber risk is much higher for businesses in all industries. Vulnerabilities are exposed due to increased home working, mobile usage and data sharing.

The biggest risk: being unprepared

It may sound cliché but if you fail to plan you are planning to fail. There are no short cuts you can take when it comes to cyber security. Being unprepared is the biggest cyber threat facing small businesses today.

What are some of the main steps a small business can take to become less prone to cyber-attacks?

  1. Having a Cyber Security plan – IT security policies for small businesses should incorporate: regular staff training, technology/security appliances for small businesses and an incident response plan.
  2. After a breach act fast – To reduce down time and damage you must know: who to contact, how to identify the threat and how it can be mitigated. We can work alongside SME’s to help build a stringent incident response plan. This will help you understand the potential risks you face and the steps you should take to remediate vulnerabilities.
  3. Use safe passwords – SME’s should encourage employees to create complex passwords. It is important that they are updated frequently and are not used for multiple accounts, it would be beneficial to implement a password manager and two factor authentication for each user.
  4. Advanced security controls – These can prevent and alert you if malicious software is attempting to enter your network.
  5. Layers of protection – Having an effective security strategy should always involve having multiple layers of security defenses. Cisco offer some of the best small business network security appliances as they have in-built threat intelligence capabilities. The Cisco Security products are constantly updated with the latest intelligence by their threat researching team: Talos.

Get in touch to find out how Equilibrium can help protect your business

If you would like to speak to a Cyber Security expert to find out how we can help you implement an effective Cyber Security strategy. You can call our office on 0121 663 0055.