Cybercriminals Love Your Business

By Chris Wisneski

In today's digital era, consumer data fuels businesses, making it an irresistible goldmine for cybercriminals. According to Accenture’s Cost of Cybercrime Study, while 43% of cyber-attacks target small businesses, only 14% are equipped to defend themselves. A cyber-attack not only disrupts normal operations but can also cause irreplaceable damage to important IT assets and infrastructure without the necessary budget or resources.

As a result, small businesses are struggling to defend themselves. According to Ponemon Institute’s State of Cybersecurity Report, small to medium-sized businesses around the globe report recent experiences with cyber-attacks:

• Insufficient security measures: 45% say their processes are ineffective at mitigating attacks
• Frequency of attacks: 66% have experienced cyber-attacks in the past 12 months
• Background of attacks: 69% say cyber-attacks are becoming more targeted

Small and medium-sized businesses (SMBs) face unique challenges:

• Insufficient security measures: A significant percentage report ineffective processes to mitigate attacks.
• Frequency of attacks: Many SMBs experience multiple cyber-attacks annually.
• Targeted attacks: Cyber-attacks on SMBs are increasingly tailored to exploit specific vulnerabilities.

Many small business owners mistakenly believe their size offers protection, assuming cybercriminals are more interested in larger corporations. In reality, SMBs’ limited resources often make them an easier and more attractive target. Hackers are also increasingly using SMBs as entry points to access larger corporations. For instance, compromising a smaller vendor or service provider can offer a gateway to larger networks with more lucrative data.

The High Cost of Ignoring Cybersecurity

Cybercrime costs are projected to grow exponentially, with billions lost annually due to attacks like ransomware, phishing, and business email compromise (BEC). The financial repercussions include:

• Fines and penalties for failing to protect sensitive consumer information.
• Operational disruptions that can paralyze a business.
• Loss of consumer trust due to data breaches, leading to diminished reputation and revenue.

Building a Strong Cybersecurity Foundation

You don’t need a Fortune 500 budget to defend your business effectively. Here are five practical steps every SMB can implement:

1. Regularly update software and apps.
   Software providers release updates to fix known vulnerabilities. Delaying these updates is like leaving your car doors unlocked—an open invitation for trouble.

2. Enable Multifactor Authentication (MFA).
   MFA provides an extra layer of security by requiring an additional verification step beyond a password. This simple and often free measure significantly reduces the risk of unauthorized access.

3. Implement clear device use policies.
   Prohibit employees from using public Wi-Fi networks on work devices or conducting personal activities on company equipment. These practices can expose your system to malware, especially with remote work setups.

4. Conduct regular security audits.
   Frequent audits and risk assessments identify vulnerabilities and help prioritize cybersecurity investments. Tools, like managed detection and response (MDR) or advanced threat detection, can proactively block threats.

5. Educate your employees.
   Human error is a leading cause of cyber breaches. Regular cybersecurity training—including phishing awareness, password hygiene, and safe browsing practices—is essential. Ongoing education ensures employees stay vigilant against evolving threats.

A Secure Future

Small businesses don’t have to accept weak security. With affordable tools and best practices, SMBs can significantly improve their defenses. Prioritizing cybersecurity isn’t just about protecting your systems—it's about safeguarding your reputation and ensuring the trust of your customers.

To help businesses take the first step, Whittlesey Technology offers a complimentary, no-obligation cybersecurity health check. Contact us today to schedule your assessment and start building a more secure future for your business.