No one likes to hear they have flaws.

Yet, having security flaws when it comes to your business can lead to devastating results.

Small and medium sized businesses (SMBs) face the same cybersecurity risks as their larger counterparts but, SMBs are less likely to invest in their IT systems. This puts them in the crosshairs of cybercriminals.

However, there are steps you can take to keep your business safe.

The aftermath of a cyberattack can be disastrous. Customer trust and loyalty can be lost while the damage to your reputation can remain long lasting. Furthermore, downtime, data loss, and hefty fines can result from a cyberattack. For many SMBs, it can mean the difference between remaining open or closing down – as 60% of SMBs close after an attack.

75% of cyberattacks start with an email

One of the most significant vulnerabilities an SMB faces lies in the lack of employee security training. The fact is, 75% of cyberattacks start with an email, according to TrendMicro. Regular training sessions are important in arming your staff with the knowledge to recognize and respond to any potential cyber threats.

Network security is another area of concern. Many SMBs lack the necessary measures to safeguard against unauthorized access. One great way to protect your business is the use of firewalls. A firewall acts as a barrier by monitoring and controlling your network traffic based on established security rules.

Poor password management also poses a risk. When you or your employees use weak passwords, or reuse the same passwords across multiple accounts, you’re basically handing your data to cybercriminals. Once they have one password, cybercriminals will then attempt to log into any similar accounts. You can enhance your account security by using strong, unique passwords, supported by two factor authentication. Password managers are also a fantastic way to securely store passwords for all your accounts – and make using unique passwords simple.

Cybersecurity liability insurance is a common oversight for SMBs

The absence of cybersecurity liability insurance is a common oversight for SMBs. Cybersecurity liability insurance provides a financial cushion against losses from data breaches, ransomware, and hacking, helping SMBs recover faster. Additionally, it offers access to resources for incident management and recovery. Cybersecurity liability insurance is vital for sustaining your business operations and protecting against unpredictable threats.

Lastly, your business should have a solid data backup and recovery strategy. SMBs should use automated backup solutions that store data in offsite cloud based systems. Doing so can facilitate swift recovery without you having to succumb to ransom demands.

In conclusion, SMBs like yours need to adopt a proactive and comprehensive approach to cybersecurity. This involves strengthening password policies, educating employees, securing networks, investing in cybersecurity liability insurance, and ensuring data backup and recovery systems are in place.

By prioritizing these measures, SMBs can significantly lower their risk profile and secure their operations against cybersecurity threats.