Cybersecurity for small business: Why no business is too small to be a target

Small to medium businesses often underestimate their cybersecurity risks, believing they’re too insignificant to attract cybercriminals. However, every business, regardless of team and revenue size, is a potential target for cyberattacks. Various reports cited in 2023 revealed statistics serve as an important alert for cybersecurity and small business:

• On average, 43% of cyber attacks target small businesses
• 37% of companies hit by ransomware had under 100 employees
• 60% of small businesses shut down within six months of a cyberattack.

Lack of time to manage security ranked as one of the biggest concerns for small businesses surveyed, alongside the actual loss of data that results from attacks.

Small business cybersecurity misconceptions

The frequency and cost of cyberattacks are increasing, and a business falling victim to one can lead to significant financial losses and jeopardised customer trust which often takes years to build. Data breaches can also lead to regulatory scrutiny and potential fines.

We’re too small to be targeted

The perception that small to medium businesses are easier targets than large corporations makes them frequent victims of cybercrime. This is certainly the case if resilient security measures are lacking like dedicated IT personnel, up-to-date security technology and organisational cybersecurity knowledge and awareness — which is exactly what cybercriminals look for.

We don’t have valuable data

Many small business owners think their data isn’t worth stealing. However, customer data, financial records and intellectual property are all prized possessions for cybercriminals. Even basic contact information is exploited for phishing schemes or sold on the dark web.

Cybersecurity is expensive

Although strong cybersecurity appears expensive, the cost of a data breach is far greater than the investment in prevention. Small businesses that prioritise cybersecurity effectively can expect to dedicate 5-20% of their IT budget to security to reduce the risk of costly breaches and downtime. The small business cybersecurity checklist later in this article shows how to protect your operations affordably.

Small business cybersecurity challenges

Many small business owners understandably feel overwhelmed by the idea of cybersecurity, thinking that their resources and budget make it difficult to implement effective measures, or they simply prioritise other business needs over security investments. There’s also the challenge of inadequate internal training and knowledge. Without dedicated IT staff or an external service provider, teams can lack the understanding to recognise threats like social engineering and phishing attacks and basic cybersecurity practices, like the importance of regular software updates.

Small business cybersecurity checklist

Cost-effective ways small to medium businesses can boost their cyber protection.

Implement two-factor authentication (2FA)

Two factor authentication (2FA) adds an extra layer of security to accounts to help reduce unauthorised access, even if passwords are compromised. It requires additional credentials alongside login details, with something you have (smartphone to receive a text confirmation or a security token from an authenticator app), or biometric measures like fingerprint or facial recognition. It’s far more difficult for cybercriminals to succeed without the second factor.

Routinely update software 

Cybercriminals constantly scan for outdated software, as these often contain known weaknesses that are easily targeted. A 2021 industry report showed that unpatched security vulnerabilities were a major cause of ransomware attacks, with threat actors exploiting 56% of older vulnerabilities. Although this data is a few years old, this is still a persistent issue in cybersecurity where many organisations don’t keep their systems updated and secure.

Security updates can take time to be identified and resolved, leaving systems vulnerable in the interim. While monitoring is constant by tech companies and product makers, it can take days or even weeks for developers to create, test and deploy patches. To ensure regular software updates and immediate application of new updates after notification, businesses must implement a routine update schedule.

Employee training

Regular training sessions help employees identify suspicious activities and demonstrate the daily importance of cybersecurity, particularly as 95% of cybersecurity breaches result from human error. Employee training can include simulated phishing emails to test their responses and security best practices workshops. By teaching staff about identifying threats it helps create greater awareness and responsibility; including recognising behavioural indicators for insider threats and reporting suspicious activities.

Deploy Sapher Shield

Integrating Sapher Shield into your cybersecurity strategy can significantly bolster your business’s defenses against online threats. Our advanced tool provides continuous, real-time monitoring with hourly cyber security intelligence updates to identify and alert users to potential threats before they proceed with a potentially harmful link, attachment or website.

Sapher Shield anticipates new types of cyber threats, including convincing phishing scams and fraudulent websites, ensuring employees can browse and conduct business without risking the company’s data (and their personal information).

Investing in cybersecurity today is an investment in the future of your business

By addressing common misconceptions and implementing security measures we’ve shared, businesses can significantly reduce their risk of cyberattack.