Cyberattacks against small businesses have been on the rise in recent years, despite common misconceptions that small equals safe.
Whilst large organisations may seem like more lucrative targets, due to their wealth and resources, small businesses are increasingly targeted as they are more likely to lack the sophisticated security measures that their bigger counterparts have in place. But why exactly are smaller companies targeted? What are they targeted for? And how can you protect your small business from cyber threats?
Limited Cyber Defences
Growing a business often comes alongside tight budgets and limited time and resources. Unfortunately, this often pushes cybersecurity towards the bottom of the priority list. As a result, smaller companies may lack the people, tools, and expertise needed to implement comprehensive cyber security measures. This vulnerability makes them attractive targets to cyber criminals, who can exploit these vulnerabilities.
Lack of Cybersecurity Awareness
In many small businesses, there is little to no training on cybersecurity for employees, particularly if you are a sole trader, this may not seem important. However, without training or awareness sessions employees may inadvertently fall victim to phishing scams, weak password security, or fail to switch on MFA, which are just some of the ways cybercriminals manage to gain access to sensitive data. This knowledge gap opens an opportunity for cybercriminals to seize, relying on the fact that staff may not recognize potential threats.
Valuable Customer and Financial Data
Small businesses often store valuable customer data, such as names, addresses, financial details and other personally identifiable information. This data is attractive to cyber criminals, who can sell it or use it for other nefarious purposes, such as identity theft. For many SME’s, the loss or theft of this information could result in irreparable damage to their finances or reputation.
Ransomware Attacks
SMEs are increasingly targeted by ransomware attacks, where cybercriminals access and subsequently lock a company’s data or systems, demanding a ransom for its release. These businesses may be seen as an easy target because they are more likely to not have proper thorough backups in place, making them more likely to pay a ransom. Regardless, ransomware attacks can be incredibly damaging to a company’s finances and reputation, and a successful attack can also leave them open to being targeted again.
This is by no means an exhaustive list but offers just some of the reasons why SMEs might be targeted.
So how can you defend your small business against cyber threats?
Educate Your Employees
Cybersecurity is not just the responsibility of individuals specialising in IT, thorough cyber security requires a company-wide effort. Ensuring that anybody working for the business is aware and trained to recognize common threats like phishing attempts, suspicious links, and the signs of social engineering will significantly reduce the risk profile of your organisation.
Implement Strong Password Policies
Poor password hygiene is a common vulnerability that criminals can exploit to gain access to your systems. Employees should be encouraged to use unique, strong passwords that are hard to guess, and made aware of why this is important. Additionally, employees should be encouraged to switch on multi-factor authentication (MFA) on every account where this is possible. MFA adds an extra later of security as it requires a second form of verification, such as a text message or unique code, which criminals do not have access to.
Use Reliable Antivirus and Anti-Malware Software
Having a trusted antivirus program on all business devices will help to protect your organisation from malware. This software can help detect and block malicious software before it can cause harm to your system.
Back Up Your Data Regularly
Regularly backing up your data is a crucial part of protecting your business, ensuring you will not lose access to your most important data in the event of a ransomware attack or system failure. The 3-2-1 strategy is one method to use when creating backups. This involves making three copies of your data, the original copy and two duplicates. Two storage types should be used to stay protected in the event of a failed backup. One copy should be stored away from your home or business in case of damage to the property.
Regularly Update Your Devices
Cybercriminals often exploit vulnerabilities in outdated software. Enabling automatic updates and installing any new updates on operating systems, applications, and any third-party software as soon as they become available, will ensure you have the latest security patches.
Secure Your Wi-Fi Network
Avoid using public Wi-Fi networks wherever possible, as these often have little to no security, and can be exploited by criminals to gain access to your devices.
Formulate a Cybersecurity Plan
Having a thorough plan in place that outlines steps for detecting, responding to, and recovering from cyber incidents can ensure that you are in control if the worst was to happen. This should include an incident response plan, data recovery protocols, and clear communication channels for when w cyber incident is detected. Having a solid plan will ensure your business can react quickly to mitigate any potential damage. The ECRC have a handy template for developing an incident response plan which you can access here.
Consider Cybersecurity Insurance
Cyber insurance is becoming increasingly popular for SMEs, as it can help to offset the costs of a data breach or cyber incident. It is worth exploring whether this is an option that is accessible or affordable to your business, as it can provide a layer of financial protection.
Small businesses may not have the same level of access to the cyber resources used by large corporations. However, this does not mean they should be any less vigilant or prepared when it comes to cybersecurity. By understanding why you may be targeted, as well as learning about the fundamental and free things you can do to help protect yourself, you can reduce the risk of your small business falling victim to a cyberattack.
How can the ECRC support?
By joining the ECRC as a free member, your organisation will be supported in making the small changes that make the biggest difference when it comes to cyber resilience. Becoming a free member means you will receive the latest cyber resilience guidance via email, which will drip feed you ways in which you can improve your cyber resilience without costing any money.
The ECRC website also contains several links to helpful National Cyber Security Centre (NCSC) resources, which are all free, up-to-date, and easy to use. Tools such as Exercise in a Box and the NCSC Cyber Action Plan are particularly useful in terms of identifying areas where you could improve your cybersecurity. They also have many informative guides that are sector specific, which will give you useful and detailed information.
If you would like more information about how the ECRC can help your organisation specifically, please book a chat with us today!
Reporting a live cyber-attack 24/7:
If you are a business, charity or other organisation which is currently suffering a live cyber-attack (in progress) please call Action Fraud on 0300 123 2040 immediately. This service is available 24 hours a day 7 days a week.
Reporting a cyber-attack which is not ongoing:
Please report online to Action Fraud, the UK’s national reporting centre for fraud and cybercrime. You can report cybercrime online at any time using the online reporting tool, which will guide you through simple questions to identify what has happened. Action Fraud advisors can also provide the help, support, and advice you need.
Alternatively, you can call Action Fraud on 0300 123 2040 (textphone 0300 123 2050)
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