A recent report from the Ponemon Institute reveals that three out of every four small to medium-size businesses (SMBs) in the U.S. have experienced an attack, and two in three globally. This demonstrates that no business is too small to fly under the radar of cybercriminal activity. Why should businesses invest in cybersecurity, what are the threats they should prepare for, and how can they implement their strategy?
Why Businesses Should Prioritize Cybersecurity
Prioritizing a cybersecurity strategy for your business can save you significant money long term. Some businesses have not given adequate attention to cybersecurity because of the perceived cost of the time, personnel, and technology required. But given the threat to their operations and data posed by today’s cybercriminal activity, cybersecurity should be seen as an investment rather than a cost.
Afterall, the financial loss from a cyberattack can be devastating to a business. In fact, research suggests that 60% of SMBs close within six months of falling victim to a cyberattack. Besides financial loss, businesses also face damaging their reputation and trust with customers that can leave lasting effects on the business.
Common Cybersecurity Threats
Your business may be more vulnerable than you imagine. Hackers use a variety of effective and evolving attack methods to cause data breaches or disrupt the operations of businesses of all sizes. Some examples of the cybersecurity threats you may face are:
- Ransomware: Hackers use this form of malware to hold data or systems for ransom. This is the most common attack method used against SMBs as it typically pays out big for cybercriminals. Data and files are locked via encryption, and the only way for businesses to decrypt the data is to pay the ransom or risk losing their information forever.
- Phishing: This cybersecurity threat is done through social engineering. Cybercriminals fool employees into divulging private information or allowing access to your network. The hacker typically uses email, phone, or social media and disguises the communication, so it looks like it is from a credible source.
- Malware: While ransomware may be the most common malware used, there are other forms of this malicious software used by cybercriminals including viruses, worms, and trojan horses. Malware is used to infect systems, steal data, and corrupt files. Often hackers will sell stolen data on the dark web, leaving companies and their customers vulnerable.
A Comprehensive Guide for Cybersecurity
Forming a strategy for prioritizing cybersecurity for your business is crucial to keeping vulnerabilities to a minimum. This will protect your operations and data and save costs in the long run. It may also enhance your customers’ confidence in your business, which can lead to increased revenue. TPx offers the resources and professional advice you need in this comprehensive cybersecurity guide. Get the expert support required to navigate modern cybersecurity threats and keep your business safe and secure today.