Cybersecurity for Small Businesses
Updated: Oct 19, 2019
If you own or run a small business you know, better than anyone, that it’s not easy work. It takes a lot of time and energy to meet the demands expected of you every week. That's why certain aspects of running a business, such as cybersecurity, often take a backseat to other, more urgent issues. Many small business owners look at cybersecurity as something they’ll get to when they have the time. Others rely on whoever in-house knows the most about computers.
Some employees might have the basic computer knowledge to get by, but a do-it-yourself (DIY) security approach isn’t the best choice. Let’s take a look at some reasons why outsourcing cybersecurity might be your best solution.
The Numbers Don’t Lie
In a recent survey, 87% of small business owners felt they were at low risk of ever being attacked. Even more alarming, 30% had absolutely no security solution at all. However, since 2016 at least 50% of small businesses have had at least one cyber-attack of some sort. That appears to mean that 37% of small businesses have already been attacked and still feel at low risk.
On average, a small business has a 60% chance of shutting down within a few months of a breach. Let that sink in. While many small businesses play fast and loose with security risks, the majority won't live to tell the tale past a hack. A huge percentage of small businesses are happily swimming in the waters of commerce unaware of the school of piranhas forming underneath them because most of the previous victims have disappeared without a trace.
No One Is Too Small
Small businesses falsely assume that no one sees their company as attack-worthy. They think larger businesses are bigger targets due to their size and income. Everyone is a target. In fact, it's worse for small businesses because they not only have less ave less security, but their valuable information often lacks appropriate backup.
What’s Good for the Goose Isn’t Good for the Gander
When implementing cybersecurity prevention for a small business, many people turn to what they’re familiar with. This often takes the form of relying solely on basic virus protection. While programs like these are certainly better than nothing, there’s more to do than controlling the spread of viruses. Cybercriminals are more motivated than ever before, and some hackers even work in teams to attack your computers until they find a way in. Single-layer, consumer-level solutions are not the best defense.
The Rising Threat of Ransomware
Hackers are far from dumb criminals. They know exactly what they're doing. If a hacker encrypts the information on a single computer in a small business, there’s a good chance they can infiltrate the rest of the business, holding it captive using a ransomware attack.
When a hacker takes over your information, they hold it hostage until you pay the ransom, just like in a physical ransom situation. Just how much ransom are we talking about? According to some experts, half of all ransomware payments made by businesses amount to more than $10,000. 20% are more than $40,000. If you’re a large corporation, that could be a drop in the bucket. But for a small business, the cost is far more damaging. The ransom payment could amount to months of payroll. It’s no wonder that many small businesses close up shop after being attacked just once!
The Bottom Line
Take heart. This is not a hopeless situation. Nothing could be further from the truth! A small business simply needs to prepare. One of the biggest hurdles to having a comprehensive security plan is the cost. Most small businesses dream of having one dedicated cybersecurity person, let alone supporting a division like many larger companies. What is a more reasonable option?
MSPs (Managed Service Providers) are a way of outsourcing this difficult but important aspect of your business. Find a company that deals with small businesses regularly, like we do. MSPs understand the best ways to implement a security solution appropriate for your unique situation at a reasonable price. After all, a solution will only work if it keeps pace with the cybercriminals who are after your assets.