Small businesses are increasingly becoming targets for cyber attacks. In fact, a recent study by the National Cyber Security Alliance found that 43% of small businesses have experienced a data breach in the past year.
There are a number of reasons why small businesses are more vulnerable to cyber attacks. First, they often have fewer resources to invest in cyber security. Second, they may not have the same level of expertise in cyber security as larger businesses. Third, they may be more likely to fall victim to social engineering attacks, such as phishing emails.
Top 10 Elements That Heighten a Small Business's Risk of Cyber Attack
There are a number of factors that can heighten a small business's risk of cyber attack. Some of the most common factors include:
Storing & transmitting customer data: Businesses that collect customer data, such as, personal identifable data from their customers, such as email, phone numbers, bank details or credit card numbers or Social Security numbers (ABN, Company numbers or tax numbers), are more likely to be targeted by cyber attacks.
Using outdated software: Businesses that use outdated software are more vulnerable to cyber attacks because these software programs may have known security vulnerabilities.
Having a weak password policy: Businesses that have a weak password policy are more likely to be hacked because their passwords are easier to crack.
Not using two-factor authentication: Businesses that don't use two-factor authentication are more vulnerable to cyber attacks because this adds an extra layer of security to their accounts.
Not training employees on cyber security: Businesses that don't train their employees on cyber security are more likely to be hacked because their employees may be more likely to fall victim to phishing emails or other social engineering attacks.
Having a poor security awareness: Businesses that have a poor security awareness are more likely to be hacked because their employees may not be aware of the latest cyber threats.
Not having a disaster recovery plan: Businesses that don't have a disaster recovery plan are more likely to be impacted by a cyber attack because they may not be able to recover their data if it is lost or stolen.
Not being prepared for a data breach: Businesses that are not prepared for a data breach may not be able to handle the fallout from a breach, such as notifying customers of the breach and dealing with regulatory fines.
Not having cyber insurance: Businesses that don't have cyber insurance may not be able to afford the costs associated with a cyber attack, such as the cost of repairing hacked computers or the cost of hiring lawyers to defend against lawsuits.
The risk of cyber attack is real for small businesses. By taking steps to mitigate these risks, small businesses can help protect themselves from the financial and reputational damage that can result from a cyber attack.
Specifically for professionals like lawyers, accountants, and mortgage brokers
The professionals mentioned above are all in the business of handling sensitive customer data. This makes them especially vulnerable to cyber attacks. In addition to the factors listed above, these businesses should also be aware of the following risks:
Email is not secure: Email is widely used but is not secure and can be intercepted by fraudsters or cyber criminals. Use a more secure method to communicate with your customers, especially related to confidential information
Not using encryption: Businesses that don't use encryption to protect their data are more vulnerable to cyber attacks because their data can be easily intercepted.
Not being compliant with data privacy regulations: Businesses that are not compliant with data privacy regulations, such as the General Data Protection Regulation (GDPR), may be more vulnerable to cyber attacks because they may be more likely to be targeted by hackers.
By taking steps to mitigate these risks, these businesses can help protect themselves from the financial and reputational damage that can result from a cyber attack.
Comments