Top Five Cybersecurity Threats to Small Business Owners

According to a recent Verizon Data Breach Investigations Report, over the past two years, small and medium-sized businesses have become the primary target of cybercriminals, and they are now more affected by cyber breaches than large-scale businesses. Cyberattacks on SMEs have increased because cybercriminals have predicted that small and medium-sized enterprises have fewer resources to dedicate to their security. Most SMEs lack dedicated security professionals, and they are too small to afford them. This makes them vulnerable and easy targets for cybercriminals.

In this context, neglecting security is no longer an option, and the assumption that your business is too small to attract the interest of cybercriminals is unrealistic.

Top Five Cyber Threats Affecting Small and Medium-Sized Enterprises

Incompatible Operating Systems and Software: Ensure that your computers and the software running on them are up to date. This is crucial and forms a solid foundation for good security practices. Hackers exploit vulnerabilities in outdated software and operating systems, often infiltrating organizations. Failing to apply software and operating system updates when they are released can endanger your business and weaken the overall security of your IT infrastructure. Don't make it easy for cybercriminals; ensure that your servers and workstations are running the latest compatible operating systems, and keep all third-party applications up to date.

Phishing Attacks: Phishers are becoming more cunning, and the bad news is that their targets are humans, not computers. There is no foolproof method to stop them. By impersonating a legitimate contact known to the organization, phishers can deceive even the most cautious of us. The only real way to defend against phishing attacks is through employee education. Helping your employees understand the threats and regularly showing them various examples of phishing attempts can reduce the likelihood of them clicking on something they shouldn't.

Weak Passwords: Humans are notoriously bad at choosing strong passwords that are difficult for hackers to guess. What's even worse is that we often reuse the same passwords across multiple websites, making it easier for hackers to find their way into your applications or infrastructure. Implement strong password policies and use password vaults to store and generate passwords for your employees. Your employees should also be educated about the dangers of password reuse because one weak password used twice can lead to a costly breach.

Secure Your Wi-Fi: We have visited many businesses that provide a single Wi-Fi network for both their employees and guests, with passwords like the business phone number or easily guessable words. Simple Wi-Fi passwords may be convenient for you to remember, but from a security perspective, they pose a significant threat by making it easy for hackers to infiltrate your wireless network if they have guessed the password. Without network controls, an attacker on your wireless network will likely have access to your entire internal network.

If attackers use long-range Wi-Fi antennas, they don't even need to be close to your business to launch an attack on your wireless network. Secure your Wi-Fi by changing the default administrator password on your router, upgrading the Wi-Fi network's encryption password to WPA2 + AES, and choosing a Wi-Fi password that is long and difficult to guess (or crack). If you allow guest users to have Wi-Fi access when they visit your organization, a separate SSID should be implemented, allowing guests to access the internet while isolating their devices from your entire network.

Make Yourself Resistant to Malware: There are several things you can do to make your business more resilient to malware attacks. One key option is to lock down your employees' workstations fully by removing their admin privileges, preventing both employees and malware from installing anything on the machines. Limit the types of websites that your employees can visit on their computers. Websites containing streaming pirated movies, pornography, and gambling often contain malware waiting to infect unsuspecting visitors who click on their links. Make sure you have good antivirus (AV) software on your workstations and network, which scans all downloaded files and email content. When properly updated, AV can catch many viruses before they spread throughout the network.

While the above are the top five threats that various small and medium-sized enterprises face today, it does not mean that only these threats can affect your business. As mentioned, if you can overcome these five threats, you will be well on your way to ensuring a decent level of security for your business and dramatically reducing the chances of becoming a victim.

Ultimately, regardless of your business, management awareness and employee training on cyber threats are crucial. With all the recent news about both large and small cyber attacks, the lack of knowledge about the threat landscape is no longer an excuse. The good news is that there are hundreds of groups and services available to help improve the overall cyber security posture and assist small businesses, often free of charge, in addressing these threats.

We recommend investing at least in Cyber Essentials Certification, an affordable certification process managed by the UK's National Cyber Security Centre (NCSC) that will put your company on a security-minded footing. Cyber Essentials certification for your business demonstrates a commitment to security in the eyes of your customers.

The National Cyber Security Centre (NCSC) also provides smart cybersecurity guidance for small businesses that you can download for free, complete with video guides, infographics, employee training materials, and a checklist of actions for small businesses to improve their cybersecurity.

By implementing careful practices, robust internal processes, and regular employee education, you and your employees can do a lot to help secure your business from cybercriminals. Even if you go through the Cyber Essentials certification process, it is the technical control requirements that will put your business on a more secure foundation from a security perspective and proactively help you defend against various cyber threats.