6 Ways to Protect Small Business Data

Small business leaders underestimate the chances of being hacked. Nevertheless, attackers are more likely to steal data from small companies, since they are less protected than corporations. How can data breaches turn out for a business? 

Small and mid-sized businesses are a big part of the economy of each country. Every year companies are exposing cyberattacks that lead to high expenses for business owners. Some businesses can’t overcome the situation and are forced to leave the market. 

 

According to Verizon Data Breach, 58% of small businesses were attacked by intruders. Another research shows that the average cost of each incident associated with a cyberattack is 7.68$ million for small companies. Such high cost is driven by the need to identify and eliminate data breaches, legal costs and regulatory fines, etc. Besides, data breach leads to general material losses as a price reduction for services, loss of investors, and reduction of business productivity.   

 

The main effects of cyberattacks on small business:

 But what is the reason for such scammers’ attention to small businesses?  

First, small businesses are less protected from cyberattacks. Research shows that only 43% of small and mid-sized companies in the U.S. and the United Kingdom have a data protection plan. And some parts of companies don’t use security strategies at all. Many companies use cloud services within work that haven’t strong encryption technology. In addition, business owners don’t believe that their companies’ systems can be hacked. According to Towergate Insurance research, 82% of small business owners don’t assume their company will occur under cyberattacks.  

Second, specialists from ESET assume that small businesses occur in the hackers’ spotlight because small companies have more data information than individuals and weaker security than corporations.  

And third, small companies can be loopholes for big corporations. Hackers can use vulnerabilities in small company systems to access systems of well-protected enterprise systems.  

This happened with a small HVAC company that collaborated with Target and had remote access to the Target network. Scammers stole access credentials to Target’s network and then hacked the system and got million credit card details. 

 

Let’s consider ways to prevent cyberattacks. 

 Wrapping up 

So, even if you are into a small business with less than a hundred employees, you have a high risk to undergo cyberattack. With a well-designed cybersecurity strategy, you can protect and save sensitive data. By adhering to security inside a company and designing a training strategy for employeesBusiness Management Articles, you’ll reduce risks to a minimum. 

  

 

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