Small and medium enterprises (SMEs) face many challenges, one of which is keeping their computer systems safe. SMEs are an attractive target for cybercriminals; therefore they need to take the steps necessary to protect their systems as threats continue to increase.
Impact of Cyberattacks on SMEs
The impact of cyberattacks on SMEs is two-fold. They often lack the resources of larger companies, and cybercriminals know this. SMEs often do not have the budgets of large corporations to purchase robust software and hardware to detect and prevent attacks. They also do not have the dedicated staff to devote to the task.
Many SMEs do not have the resources to prevent an attack, and if one does occur, the costs associated with a data breach average around $4.35 million as of the latest data, and this cost continues to rise, according to IBM,. These costs are difficult for larger corporations to manage, and they can be devastating for smaller business entities.
Key Vulnerabilities for SMEs
Several factors make SMEs a favorite target for cyberattacks. Recognizing them can help you develop ways to keep your business safe.
1. Cost Barriers
The costs of sustaining robust security systems and protocols are some of the main reasons why SMEs are a more attractive target to cybercriminals. They lack the resources to maintain staff and the equipment needed to keep information safe. Smaller enterprises rely less on automation, which can make detecting an attack difficult. Security operations continue to become more complex, and SMEs often cannot keep up with the latest software.
2. Increasing Remote Workforce
SMEs face many challenges as they try to offset operating costs. As a result, they increasingly depend on a remote workforce, however employees are often less conscious of things like leaving their screens unlocked and sharing passwords when they are away from the formal work environment. Additionally, personal computers and equipment might not have the best threat-prevention software.
3. Gateway to Larger Corporations
Many SMEs must interact with the systems of larger corporations and systems connected to the infrastructure. Cybercriminals see this as a way to infiltrate these larger systems. This means that small and medium businesses represent a weakness in the cybersecurity of larger organizations. This not only increases the risk for the SME but also means that small and medium organizations might have to incur higher costs to make their systems robust enough to meet the demands of the larger organization.
4. Greater Exposure to Malware
Many businesses are now in the process of moving many of their operations that used to take place in an office setting to an online environment. This means that much of it can now be conducted over phones and computers, which makes them more vulnerable to unintentionally downloading malware. With each transaction or activity conducted online or over the phone, employees are exposed to malware without the protection a larger corporation would have.
Protecting Your Business
The most common cyber threats to SMEs include:
Social engineering scams
Malware
SQL injections and web application attacks
Denial-of-Service (DoS)
Botnets
If you are a small to medium organization, it is important to understand what you can do to help protect your system from a growing range of cyberattacks. Here are a few steps you can take:
1. Conduct an Audit
Even if you cannot hire a full-time cybersecurity staff, you can have a security consultant conduct an audit to determine your vulnerabilities. They can work with you to develop cost-effective solutions that suit your budget and provide the best level of security for the price.
2. Get the Right Software
You should have the right software in place for both PCs and any phone or device that will be used to conduct business. You should also have a policy in place or someone dedicated to keeping it updated to the latest version. For employees that will be accessing the system using personal devices, make sure a policy is in place that dictates the minimum software requirements for them.
3. Train Your Employees
Many employees are not aware of the dangers of sharing passwords, stepping away with their screens unlocked, and using easy passwords to break. Training can go a long way for building awareness of the dangers that exist in cyberspace and ways to prevent an attack.
4. Develop Robust Policies
You should also have robust policies in place regarding the use of company systems. These policies should also include a response plan in case an attack should occur.
Perspective Omni Media in Iselin, NJ can conduct an audit that explores your vulnerabilities. We can devise affordable solutions for businesses of any size and help reduce your risk of an attack. Contact us today to see what we can do to help keep your systems safe.