If you are planning to make sure your business survives and is able to keep operational, then it’s wise to invest in effective and advanced cybersecurity protection.

Cybersecurity threats are mounting. They are increasingly widespread around the world, and are not only targeting large corporations - but are actually increasingly targeting small businesses. 

And while there are a range of technologies, tools and apps that can help to guard against cyber risks such as ongoing threat monitoring, encryption, antivirus software - having a cybersecurity strategy or plan to integrate your defenses is important. 

Many small businesses are turning to expert cybersecurity firms for help in creating and implementing these strategies to reduce their risks of cyber intrusion, loss of data and data breaches. Hiring a specialized and professional IT service provider to take care of managing your cybersecurity can help small businesses that don't have in-house IT capacity or expertise to stay protected and focus on their core business. 

Below we look at some of the main cyber threats and how businesses can enhance protection and minimize risks.

Why is cybersecurity essential for business: what are the key threats?

There are a number of threats posed by your cybersecurity defenses not being effectively maintained. From ransomware, email reply-chain phishing, social network phishing, scams, and malware - to insider threats and supply chain threats - there are multiple entry points for attackers to infiltrate your networks and systems and damage or destroy your data and IT infrastructure. 

These are 5 main reasons that your business needs cybersecurity protection, given the variety of different cyber threats that exist nowadays.

5 reasons your business needs cybersecurity protection, based on threats

1. Cybercrime is increasing

There’s been a proliferation of cybercrime in recent years, with ever increasing technological advances and the growing use of technology. There are many worrying statistics which showcase the complexity and growing incidence of cyber crime around the world. 

As cybercrime increases, the chances of being the subject of a cyberattack also increases - particularly if you’re leaving yourself open by not implementing any defenses. 

2. Small businesses are increasingly being targeted by cybercrime

The fact that small businesses are being targeted too means that all companies are at risk. Sadly, small businesses often don't have the resources to withstand cyberattacks, and it's estimated that 60% of small businesses that experience a cyberattack will be out of business within 6 months. 

Because small businesses are particularly vulnerable and are being targeted, it’s important that they improve their cybersecurity defenses. One of the most affordable and effective ways to do this is to hire a professional and vetted IT and cybersecurity services provider like NB Technology.

3. More technology is being used and more people are working remotely

With the rise in remote work and the average person having access to around 10 different devices (mobile phones, laptops, tablets, smart TVs etc.), there are an increasing number of devices which can pose a security threat. 

And, given that many of these devices are connected (i.e. internet of things (IoT) devices), one device vulnerability can be a gateway to attack all devices.

4. An increase in ransomware and AI-enabled hacks

Ransomware is a form of malware that is also increasingly prevalent and can be one of the most dangerous forms of cyberattack. Some of the largest companies and even governments have had their cyber defenses breached by ransomware, which has cost millions of dollars in fines, legal fees and loss of business.

Another more ominous threat is the fact that these ransomware attacks (and other forms of cyber hacking) are getting more sophisticated thanks to advances in AI technology and machine learning. 

5. Business costs associated with data loss and cyberattacks can be significantly large

The cost of a data breach can be insurmountable for businesses, depending on the nature and extent of the breach. These costs can be crippling for companies, and it’s often far more cost-effective to invest in cyber defenses than to deal with the administration and expenses related to a data breach. 

A 2021 report by IBM estimated that the average cost of a data breach stood at a whopping US$4.24 million.

Unfortunately small businesses are also being targeted by cyber attackers. The insurance company Hiscox estimated in 2021, that 23% of small businesses have endured at least one cyber attack costing them on average 25K.

By 2025, it’s estimated that global cybercrime will cost companies $10.5 trillion each year cumulatively.  

5 ways to improve your cybersecurity defenses today

These are 5 ways to improve your cyber defenses today:

1. Monitor for threats 24/7

One way to mitigate the risk of cyberattacks is to constantly monitor for threats, so that you can respond immediately if one is detected. Being able to respond to threats promptly can help to reduce the impacts. 

2. Update software and use antivirus software

Keeping your software and apps updated helps to make sure that any vulnerabilities and security issues that were patched by recent updates, are installed on your machine. If you use certain cloud services such as a virtual desktop, your provider should take care of automatic updates for you. 

It’s also important to use high-quality and reputable antivirus software to help ward off any breaches of your cyber defenses. 

3. Implement a password policy and MFA

Having a business-wide password policy is a good idea, along with strict zero trust policies and the use of multi-factor authentication (MFA). That can be particularly helpful when staff are logging in remotely from a range of devices to guard against breaches or intrusions.

4. Backup and disaster recovery plan

Keeping your data safe, secure and backed up helps to make sure that you can keep operating even if you lose, accidently delete or have files stolen or held for ransom.

Having a disaster recovery plan can help to minimize the damages associated with a loss of data, and simulations can help you to implement your recovery strategy more effectively. 

5. Cybersecurity awareness training 

It’s imperative to train all staff on cyber security threats and what to watch out for. Training can create awareness about the latest scams and techniques hackers use, and what sorts of links and emails could be suspicious. 

Training can be conducted by your MSP on a regular basis, so that cybersecurity remains front of mind. It also helps to rehearse what actions to take to report any suspicious activity or threats and how to react which can be critical in minimizing risks.

Business cybersecurity: how to get started implementing safeguards

There are many interrelated aspects to maintaining cybersecurity for your business. Unless you’re specialized in the field, it’s best to rely on a trained and experienced IT cybersecurity expert to guide you in the right direction. 

At NB Technology, we have the skills and experience to assist you with all of your business cybersecurity needs. Contact us at (704) 644-1220 for a no obligation consultation to discuss your cybersecurity needs and any inquiries you may have.