Cybersecurity: 7 Ways Small Businesses Can Fight Back Cybercrimes Now!

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With an increasing number of online ventures, Cybersecurity has become an even greater concern than before. Small businesses especially are more vulnerable to cyber crimes as they have fewer resources to protect their businesses from cybercriminals. 





Small businesses often rely on basic operating systems to handle their data. They mainly rely on basic software applications and networks to store their data, unlike the giant multi-national companies that spend millions for the company’s data security alone. Considering the lack of resources, small businesses become easy targets for cybercriminals.





According to a recent survey conducted by the US Small Business Administration, 88% of SME owners felt that their businesses are vulnerable to cyber-attacks. Despite the soaring Cybersecurity threats, small businesses are devoting little time and effort to improve their venture’s Cybersecurity.





Cybersecurity Threats For Small Businesses





Cybersecurity threats have evolved over time and they are still evolving. But here we have pieced together some of the common Cybersecurity threats that every small business owner must be aware of.





Number One: Ransomware





Cybersecurity Software
Ransomware




Ransomware has become the most common malware used by cybercriminals to access data. It is a specific type of virus that restricts you from accessing your computer. 





Your data files get encrypted and the malicious actors ask for ransom against the decryption. You cannot access your data until a ransom is paid. 





This malware can affect both individuals and companies, but small businesses are often easy prey for these malicious predators. 





Ransomware can often access your computer via phishing emails and unknown links. Thus, it is important for business owners and companies to click on unknown emails attachments and links vigilantly. 





As revealed by Forbes, the average ransom demand for the year 2020 was $247,000, and the cost paid by SMEs to these malicious actors has reached a record level of $352,000. However, the rate of customer trust being stolen isn’t mentioned here.





Number Two: Phishing





Phishing




Another tactic that most cybercriminals follow to access sensitive data is ‘Phishing’. It is a popular type of cyber-attack that involves accessing your systems via emails and malicious websites.





It is often carried through Phishing emails that might appear to have been received from legitimate sources but are actually sent by malicious actors.





This malware is often sent accompanied by an enticing email that forces users to click on the link (often provided at the end of the email) that contains malicious code. Upon clicking on the code, your computer gets infected with the malware.





It is quite a common type of cyber attack that most small businesses encounter in their business life. Around 90% of data breaches are done following cyber attacks. However, having a little knowledge of these scams can help you secure your personal and business data from cybercriminals.





Number Three: Water-Holing





 Water-Holing
Number Three: Water-Holing




The water hole is another common cybercrime tactic that can easily breach the data of small businesses. Now, how this computer attack strategy work is, the malicious actors observe the websites that your business often access and infect those websites with malware.





As soon as you access those infected websites again, your system gets infected with the malware thus, attackers get the opportunity to access your data.





The malware can get installed in your system without your information. Or you may mistakenly download the malware, considering it to be a regular file that you access from that particular website. 





The malware that is involved in water-holing is Remote Access Trojan (RAT), which enables the attackers to access your system remotely without even letting you know.





Number Four: The Insider Threat





  The Insider Threat
The Insider Threat




The insider threat is another growing Cybersecurity concern but very few business owners consider it as a potential threat.





Data breaches also occur following the malicious deeds of former employees or associates. If any of your former employees have access to your sensitive data, cut them off now. These people can breach your data as an act of revenge.





Thus, it is important for small business owners to understand the basic security protocols required to secure sensitive business data.





Number Five: Cyber Espionage





Cyber Espionage




It is another form of cyberattack that is carried out against a competitor. Following this tactic, an unauthorized person attempts to access your personal data and provides it to your competitors. The primary goal of such attacks is to provide information to the attackers. However, attackers chose to keep their identities secret for a longer period of time.





Such cybercrimes are used to take down a business or to deface them, with an aim to benefit the competitors of that particular business.





How Small Businesses Are Vulnerable To Cybercrime?





With a considerable increase in the usage of networked computers and the latest technologies, cybercriminals are getting extra opportunities to exploit online business networks. These cybercrimes are affecting small businesses to a great extent. 





As revealed by recent reports, more than half of the small business owners have reported having been cybercrime victims for more than just once in their business life.





Despite the growing number of cyberattacks, small business owners keep falling victims to cybercrimes following a lack of cybercrime knowledge and resources. 





Sensitive business data, including the personal information of SMEs and intellectual property information, is more vulnerable to the sophisticated community of cybercriminals.   





Following are the reasons why most small business owners fall victim to cybercrimes:





  • Small and medium-sized business owners provide easy access to their credit card records, bank accounts, supplier networks, and financial data.
  • Smaller businesses have a weaker online security system that provides an easy way for cybercriminals to access sensitive data.
  • They lack strong encryption technology.
  • Following the lack of resources, small businesses do not spend much on security practices.




Best Cybersecurity Practices





Here is how you can fight back against cybercrimes and secure your information from cyber attacks.





1. It All Starts With Your Employees





Using strong credentials
  • Using strong credentials




  • The leading cause of cybercrimes is phishing emails that may begin with any of your employees. As small businesses share a direct path, cybercriminals can reach your sensitive data by intervening in any of your employees’ systems.





    Make sure you are providing Cybersecurity training to your employees addressing the following security practices:





    • Ways of spotting Phishing emails
    • Using strong credentials
    • Strong encryptions on customer and supplier information
    • Suspicious downloads must be prohibited
    • Following secure browsing practices




    2. Retain Backups For Your Sensitive Data





    Data backup
    Data Backup




    Make a habit of backing up your data on regular basis. You can use modern solutions to automatically backup your data, if you don’t have enough resources to do so, rely on manual backups. 





    Create backups for data files that contain:





    • Financial statements
    • Human resource data
    • Customer & supplier data
    • receivables and payables




    3. Prohibit Unauthorized Physical Access To Business Computers





      Prohibit Unauthorized Physical Access To Business Computers
    Prohibit Unauthorized Physical Access To Business Computers




    It is important to control the physical access of unauthorized people to your business data. Make sure your business laptops and computers are placed in a secure area that doesn’t provide easy access to random people.





    Also, make sure you are using strong encryptions for your laptops and systems. Create a personalized account for every individual working with your company and strong credentials must be applied to them.





    Hire a trustworthy IT professional, who will be liable to secure all your accounts and will be responsible for maintaining Cybersecurity.





    4. Use Secure Channels For Payment Processing





     Use Secure Channels For Payment Processing
    Use Secure Channels For Payment Processing




    Payment processes are often vulnerable to fraud and online thefts. So, make sure you are using trusted and validated channels for your payment processing. 





    Maintain a separate bank account for your business and ask your bank about additional security obligations. 





    Cybersecurity experts suggest using a separate computer for payment processing. Payments should not be made from the system often used for internet surfing.





    5. Antivirus Software Is A Must! Keep An Updated One





    Antivirus Software
    Antivirus Software




    To keep your systems safe from virus and spyware attacks, make sure you have installed effective antivirus tools on each of your business computers. Also, don’t forget to update the software regularly or you may simply configure the antivirus software to update automatically.





    While selecting an Antivirus suite, go for expert opinion. Select the best antivirus and spyware tool for your business.





    6. Firewall Encryption Is Mandatory





    One of the most important Cybersecurity tips for small businesses is to secure your internet connection via Firewall Encryption.





    All the Wi-Fi connections you are using must be private. Set up your wireless access point as Service Set Identifier (SSID) to keep your network secure and hidden.





    7. Make Sure You Are Using Strong Passwords





    If you are not using strong credentials for your computer, Wi-Fi, or business cards, you can be the victim of cyber attacks really easily. Using the same password for all your systems and accounts can also be unsafe.





    Be informed about the essentials to create a strong password and set up separate passwords for all your accounts.





    You may also want to read: Information Security – 4 Reasons Why It Is Crucial For Entrepreneurs





    The Takeaway





    Alongside following all the above Cybersecurity practices, businesses must hire their own security forces to be on the safe side. Having well-informed security personnel as part of your team can help you develop inclusive cyber security strategies that will keep your venture safe from all external cyber threats.


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