Why do Small Business need to take Cybersecurity more Seriously?

The consequences of a cyber attack can be devastating for small businesses. Unfortunately, too many small businesses leaders underestimate the importance of cybersecurity. Many believe that hackers are only interested in large corporations and that they are too small to be targeted. Unfortunately, this is not the case. In fact, small businesses are increasingly becoming a target for cybercriminals. Not only can a cyber attack result in financial losses, but it can also damage the reputation of the business. Customers are also becoming increasingly concerned about the security of their personal data, and a data breach can cause them to lose trust in the business. 

According to a report by Verizon, 43% of cyberattacks are targeted at small businesses. 

Here's a a list of just some of the reasons why small businesses need to take cybersecurity seriously: 

Financial Loss: A cyber attack can result in significant financial losses for small businesses. The costs of remediation, legal fees, and lost revenue can be crippling for a small business.  

Legal Consequences: Small businesses have a legal obligation to protect customer data. If a data breach occurs, the business can face legal consequences, including fines and legal action from customers. 

Reputation Damage: A data breach can damage a business's reputation. Customers are becoming increasingly aware of the importance of data privacy and security. If a business fails to protect customer data, it can result in a loss of trust and damage to the brand's reputation. 

Weak Security Culture: Many small business executives believe that cybersecurity is an IT issue that can be handled by their IT department or outsourced to a third-party provider. However, cybersecurity is a business issue that requires the involvement of all employees. All employees must be trained in cybersecurity best practices to foster a strong security culture and prevent cyber attacks. 

Cyber Threats are Increasing: Cyber attacks are becoming more sophisticated and frequent. Small businesses are increasingly becoming a target for cybercriminals. Small businesses must take proactive steps to protect themselves against cyber threats. 

How to Protect your Business from Cyber Attacks 

A multi-layered approach to security is the best approach. Here are some ways you can better protect your business:

Cybersecurity Risk Assessment: Small businesses should conduct a cybersecurity assessment to identify potential vulnerabilities and develop a plan to mitigate them. 

Train Employees: All employees should be trained on cybersecurity best practices, including how to identify and prevent phishing attacks, how to create secure passwords, and how to handle sensitive data. 

Implement Strong Passwords and Multi-factor Authentication (MFA): Passwords should be strong and unique for each account. Multi-factor authentication should be implemented where possible to add an extra layer of security. 

Invest in Managed Detection Response (MDR): Small businesses should use a MDR service that includes a next generation Antivirus product. At Nucleus, we work with Canadian-based SOC Cyber Analysts work to provide 24/7 expertise and complete response augmented by automation, orchestration and machine learning to filter out major threats. 

Managed Backup: Small businesses should regularly backup data to protect against data loss in the event of a cyber-attack. The Nucleus Managed Backup Solution is a backup and disaster recovery platform that backs your data up locally for high-availability and in the case of a disaster, ensures that you have the ability to rapidly recover with minimal disruption to your business operations with off-site backups at Nucleus’ Disaster Recovery Data Center (DRDC) in Toronto. 

Partner with a Managed Service Provider (MSP): Outsource your IT to a MSP that can deploy leading security tools and has the expertise and capacity to keep your business protected against ever-evolving threats. 

Small businesses must take proactive steps to protect themselves against cyber threats. By conducting a cybersecurity assessment, training employees, implementing strong passwords and MFA, MDR, backing up data regularly and partnering with a MSP, small businesses can reduce the risk of a cyber attack and protect their business from the devastating consequences of a data breach. 

Connect with us to learn how we can help.