When it comes to cyber threats, a lot of small businesses consider themselves to be out of the line of fire. The assumption is that cyber attackers will target larger-scale enterprises with higher revenue streams. However, big businesses generally have access to strong cyber defence capabilities, making them more difficult to breach.
This means cyber criminals are more likely to look to small to medium businesses, considering them easier targets thanks to potentially lower levels of awareness, budget constraints, and limited cyber security resources. In fact, Norton Security reports that over 500,000 small businesses a year fall victim to cybercrimes.
So, as a small business, cultivating and maintaining your cyber security should be a high priority. Let’s discover how you can better protect yourself, your people and your data.
Threats to cyber resiliency
Understanding how you might be targeted can go a long way in arming your business against these attacks, and help you to build an effective cyber resilience strategy. These are some of the biggest cyber threats to your business.
Malware
This refers to malicious software that makes its way onto a device through unsafe websites, links and files, or due to poor security. The danger with malware is that it can spread from a single device to an entire network, sometimes impacting thousands of systems and devices, with the potential to completely derail operations.
Ransomware
Ransomware is a type of malware that is specifically designed to encrypt your files and data, blocking access to them or threatening to publish private information unless a ransom is paid. The potential cost of this is immense, both monetarily and reputationally. Plus, if day-to-day operations are halted, you may be put at risk of losing customer confidence, and may have to deal with legal issues.
Phishing
This is the most common type of cyber-attack, and the highest risk to small businesses. This is when an attacker will send an email pretending to be someone else, possibly even someone within the business. It’s a simple matter of luring someone to click a link before malicious software floods your systems.
Remote working
While the effects of remote working are mostly positive, it does open the door to new security risks. With staff accessing important business data across multiple locations and devices, more points of access open themselves up to cyber criminals. If just one unsecured device is targeted, your whole network could become compromised.
How to improve your cyber resiliency
The more work you put in before a cyber-attack, the less impact you are likely to suffer and the faster you can resume business as normal. Here are five ways you can prepare an effective cyber resilience strategy.
1. Identify key points of vulnerability
To protect against the major risks to your business, you need to know what they are. Understanding the overall condition of your security infrastructure and identifying your most critical systems means knowing where to focus your resources. This is particularly beneficial to small businesses, since budgets can be limited. Rather than sinking costs into a low risk area, you can strategically address areas of critical concern.
2. Put protective measures in place
The first thing you can do to prevent a breach is train your people by increasing their awareness and ensuring they know what to look for when it comes to phishing and unauthorised accounts looking for access to data. Other things you can do include ensuring you have control over who uses your network and devices, rolling out rules for a strong password policy, and regularly updating security software that protects and encrypts sensitive data.
3. Aim for fast detection
According to a report from IBM Security, in 2021 the average time taken for Australian businesses to detect and contain a breach was 311 days – 219 to detect and 92 to contain. The sooner a breach is detected, the sooner you can put in an action plan to ease the effects, so put appropriate detection methods in place. Identify who in your business is responsible for finding suspicious activity, how this activity is reported, and what the next course of action is. Your IT department should monitor, collect, and analyse data to define a base level of normal activity so that’s easier to identify anything suspicious and fast action can be taken.
4. Ensure you have a response plan
In the event of a breach, a fast response post-detection provides the best chance of containing and minimising its impact. Your staff should know who to contact and how to start the response plan. This could be the difference between just one infected device, and the compromise of your entire network. Responses could come in the form of disabled network access for the targeted device, blocking IPs, isolating traffic, or enforcing password resets for breached accounts. If any customer data has been compromised, you should inform them immediately so they can take appropriate action to protect themselves.
5. Don’t forget about recovery planning
Having a clear recovery plan means your operations can get back on track much faster, keeping your bottom line moving and preventing any further, costly damages. The biggest priority in your recovery should be your business continuity, so it’s important to consider your options. Part of this may involve using alternative platforms and channels while your systems come back online. Failover solutions will ensure your network stays up and running, which will support the use of these alternative channels.
Step up your cyber resiliency with TBTC Melbourne South
At TBTC Melbourne South, we can offer the support you need to become a cyber resilient business. With a security audit, we’ll identify points of risk and offer solutions to remedy this. We can also help you devise an appropriate response plan, and assist with recovery. Get in touch today, and let’s get securing.
