Battling Increased Cyber Security Risks for Small Businesses
As we reflect on the past year, one of the most pressing issues that has emerged is the heightened cyber security risks faced by small businesses. In today’s digital age, small businesses are increasingly reliant on technology to operate efficiently and serve their customers. However, this reliance on technology also exposes them to various cyber threats. This year has seen a significant rise in cyber attacks targeting small businesses, making it crucial for these enterprises to bolster their cyber defenses.
The Rising Threat Landscape
Small businesses have become prime targets for cyber criminals due to their perceived vulnerabilities. Many small business owners underestimate the risk of a data breach, assuming that their company is too small to be targeted. However, this is a dangerous misconception. Cyber criminals often view small businesses as easy targets, believing that these companies lack the resources or expertise to defend against attacks. In fact, fifty percent of small and medium-sized businesses (SMBs) have fallen victim to cyber attacks, and over 60% have faced business closure as a consequence.
Common Cyber Threats
Phishing Attacks
Phishing attacks involve tricking employees into revealing sensitive information or installing malicious software by posing as trustworthy entities. These attacks often come in the form of deceptive emails, websites, or messages. This year, phishing attacks have surged by nearly 40%, with cyber criminals leveraging new domain extensions to fuel their campaigns.
Ransomware
Ransomware is malicious software that encrypts a business’s data, demanding a ransom for its release. Paying the ransom does not guarantee data recovery and can be expensive. This year, we have seen an increase in ransomware attacks targeting small businesses, causing significant disruptions and financial losses.
Insider Threats
Insiders, whether malicious or negligent employees, can pose significant risks. They might intentionally leak sensitive information or unintentionally compromise security. Implementing strict access controls and monitoring systems is essential to detect suspicious activities within the organisation.
Malware
Malware includes viruses, worms, and Trojans that can infiltrate systems, steal information, or disrupt operations. Keeping all software and systems up to date with the latest security patches and employing strong antivirus software are critical measures to prevent malware infections.
The Financial Impact of Cyber Attacks
The financial impact of cyber attacks on small businesses can be devastating. According to recent reports, the average cost of a cyber attack on a small business is approximately £160,000. This includes costs related to data recovery, legal fees, regulatory fines, and loss of business. Additionally, businesses that experience a data breach often face long-term financial consequences, such as loss of customer trust and increased insurance premiums.
A study by the World Economic Forum revealed that substantial improvements to security posture and a reduction in the number of records at risk can reduce losses by 60% and event probability by 67%. Furthermore, the International Monetary Fund (IMF) highlighted that the risk of extreme losses from cyber incidents is increasing, potentially causing funding problems for companies and even jeopardising their solvency.
Our Fight Against Cyber Threats
At Portal Technologies we have taken several proactive steps to combat these rising cyber security risks and protect our clients’ digital assets.
Education and Awareness
We believe that educating our clients about the dangers of cyber threats is the first line of defence. We conduct regular training sessions to help employees recognise phishing emails and other common cyber threats. By raising awareness, we empower our clients to take proactive measures to safeguard their data.
Advanced Security Tools
We have implemented advanced security tools to monitor and protect our clients’ IT environments. Our security software includes features such as real-time threat detection, endpoint protection, and automated response to potential breaches. These tools have proven effective in identifying and mitigating threats before they can cause significant damage.
Regular Backups
To combat ransomware attacks, we emphasise the importance of regular data backups. By ensuring that our clients’ data is backed up to secure offsite locations, we can quickly restore their systems in the event of a ransomware attack without having to pay the ransom.
24/7 Monitoring
Our Security Operations Centre (SOC) provides round-the-clock monitoring of our clients’ IT environments. When unusual activity is detected, our trained cyber security specialists review the activity and take immediate action to isolate the threat and prevent further access.
Collaboration and Support
We work closely with our clients to understand their unique security needs and provide tailored solutions. Our team is always available to offer support and guidance, ensuring that our clients have the resources they need to stay protected.
As we look back on the past year, it is clear that the cyber security landscape for small businesses has become increasingly challenging. However, by taking proactive measures and leveraging advanced security tools, we can effectively combat these threats and protect our clients’ digital assets. Our commitment to education, advanced security solutions, regular backups, 24/7 monitoring, and collaboration ensures that our clients are well-equipped to face the evolving cyber threat landscape. Together, we can create a safer digital environment for small businesses to thrive.
