Updated: Jul 5
You would think that large businesses are the most targeted when it comes to cyber security threats, but you would be surprised...
Just because big businesses contain more client data, doesn't mean they are favorable in hackers' eyes.
Let's pick on Financial Institutions for an example. Financial Institutions, whether big or small, contain confidential data about their clients. Examples of data they include are Social Security Numbers, Credit Scores, Bank Accounts Info, etc.
So, what's the difference between small and large institutions? The IT Infrastructure. Larger Institutions generally are more profitable and can invest more of their money into making sure they have the best cybersecurity protection and insurance. A lot of smaller Institutions are limited to what they can invest in for their cybersecurity protection and insurance.
It's easier for an attacker to focus on companies with small or no defenses against cybersecurity threats. There are many forms of cyber-attacks such as phishing, viruses, etc.
#1 Ensure Backups are secure and successfully working
Did you know 76% of small businesses that become ransomware victims pay anywhere from $10,000 to $50,000 to attackers with no guarantee they can recover their data? A lot of people think that just because data is in the cloud that their data is "backed up" but that's not always true. I always thought Microsoft's Exchange Online, SharePoint, and OneDrive were backed up, but I was wrong! It's important to make sure you have a backup solution in place and TESTED on a regular basis. We can provide backing up your data and making sure that you have a backup report every month.
#2 Invest in an Endpoint Solution
It's easy to think that just because we have Windows Defender installed on our windows computers, that we are protected and good to go, but that's not always the case. If your computer gets compromised due to a virus, Microsoft will not be accountable. Windows Defender lacks a lot of features that other antivirus programs do not. if you think that hacking isn't that prevalent 1in 5 small businesses get attacked everyday. 60% of those businesses go out of business within 6 months because they cannot pay the recovery cost that starts at an average of $6000. But, Webroot as an example, provides some extra features such as identity and privacy shields, anti-phishing technology, and can provide Android and IOS protection.
#3 Invest in Cybersecurity Insurance
Did you know most businesses don't invest in Cybersecurity Insurance? Why? Because they do not think breaches will happen to them.
Sometimes accidents happen like malware getting through and compromising your data. And that's why it's important to invest in a safety net like Cybersecurity Insurance. How many times do we hear people say I don't need type of insurance and soon after finding out they had an incident that needed it? As time goes on cybersecurity insurance will be more and more required just like paying for an internet line, so that you end up suffering at a cost from anywhere between hundreds of thousands to millions of dollars in losses.
#4 Educate Users
Did you know most cybersecurity attacks occur due to the end users? 30% of attacks are due to phishing emails and users clicking on suspicious links, but it's not their faults!
It is imperative to train users through phishing campaigns at least once a month to help them get better at identifying emails that they should be disregarding, marking as spam, deleting, and notifying IT. We provide a phishing campaign that will help strengthen your user's knowledge on what's legit and what's a phishing email.
I hope you now have a better understanding of why small businesses are an ideal target for hackers and cybersecurity attacks. That's why it's important to invest in solutions that will help mitigate these types of attacks. This is not another one of those useless services to add to your expenses, it's a necessity.
I've been in the IT industry for years now and have seen and heard of businesses become compromised and had to start from the beginning. They had no backup solution, they were missing critical anti-virus, and anti-ransomware controls in place. And it has costed them thousands of dollar and time to get back up and running, if they can. Some have incurred millions and never returned. The data show that 60% of businesses say that having trained IT presence has prevented them from getting attacked.
The good news is Solutions Tek provides solutions to these types of threats and attacks. Let's take a look!
Please reach out to us to setup a free consultation and let us help you figure out an affordable solution, so you do not end up like hundreds of businesses out there who had to shut down or start over.