Do you think cybercriminals target only big companies or government organizations? Think again!
The world is going digital. The Internet has revolutionised the way business is done. It has helped businesses penetrate the market deeper and reach beyond geographical boundaries. The global marketplace is now more accessible, inclusive, diverse and most of all connected. The internet has enhanced communication, collaboration, and ease of automation. With all the benefits of the adoption of new technology for seamless growth, the world is changing rapidly.
However, this growth and development face a major hurdle from the increasingly menacing spectre of cybercrimes. Thus, making cybersecurity for small businesses a priority.
What is a cyberattack?
A cyberattack is an attempt to gain unauthorized access to computer information systems, computer networks, infrastructures, or personal computer devices with the intent to cause damage. The aim is to disable, disrupt, destroy or control computer systems or to alter, block, delete, manipulate or steal the data held within these systems.”
A cyberattack can be launched from anywhere by any individual or group using one or more various attack strategies. They are referred to as cybercriminals.
These cybercriminals use different methods to launch a cyberattack like malware, phishing, ransomware, man-in-the-middle attack, or other methods.
Why is a cyberattack considered a risk?
Cyberattack risks can be of varying potential, from exposing a business’s information and communications system to incurring loss or damage.
A company embracing cloud computing, having a website, or even using emails to communicate, must have a cybersecurity plan. This is irrespective of the size of a company. The theft of digital information has become the most reported common fraud surpassing physical theft. Every business is thus responsible for creating a sustainable security culture. This will strengthen consumer satisfaction and confidence.
According to a study, 76% of cyberattacks occur in small businesses. Big and government organizations are alluring to cybercriminals, but are difficult to crack. On the other hand, small business organizations with data and money and a lower cybersecurity mechanism, are easier to pick on and vulnerable.
Impact of a cyberattack
For a small business, the cost of a data breach can be disastrous. The average cyberattack takes more than 200 days to identify risk and another 70+ days to contain it, making the life cycle of a data breach almost 280 days. Additionally, it costs smaller companies an average of $3,533 per employee. About 60% of such businesses shut down within 6 months after the breach as they face financial loss, slower production, and business disruption.
Furthermore, costs rise in incident mitigation expenses, legal fees, etc. Also, the brand loses customer trust and hurts its brand image.
How to protect small businesses from cyberattacks?
Protection of all categories of data from damage and theft is important. Businesses cannot rely only on antivirus software or firewalls for cybersecurity protection.
Globally, government organizations are creating awareness of cybercrimes. A classic example would be GDPR (General Data Protection Regulation) compliance and adherence to data protection.
Businesses need a robust Cybersecurity plan to stay prepared and protect their organization.
1. Train and educate employees
Study shows that 43% of data loss happens due to internal employees. Most of these incidents tend to be accidental or unintentional. They might lose a system or share login credentials or open fraudulent emails that trigger virus attacks in the network.
To protect businesses from such careless mishaps, employees should be aware and undergo cybersecurity training. E.g. Educating them to identify a fake phone call or the need to keep a strong password
2. Protect the network, system, and data
Conduct risk assessment, evaluate potential risks, identify and analyse potential threats and plan a strategy to bridge all the gaps. Access all the information about who has data and what data is stored. This is a continuous process to avoid gaps. So, keep redefining the strategy periodically.
Install a good antivirus with a firewall, a threat prevention tool, and a ransomware encryption tool. It would identify everything new or everything suspicious.
3. Back up your data regularly
In the event of a cyberattack, data is compromised first, making it much more important for businesses to backup data regularly. This is vital for business continuity in the event of data loss.
4. Updating the software
Small businesses often underestimate the importance of this action. To improve a company’s cyber security, regularly update the software and upgrade to a better technological solution tool whenever required. Keeping software un-updated makes the business vulnerable to attack.
5. Cloud security
Increasingly, small businesses are moving to cloud solutions. While cloud-based systems make a business highly efficient, accessible, and cost-effective, businesses need to adopt appropriate cloud security measures to reduce cyber vulnerability.
Case study on Cyber Security for small businesses
In a recent cybercrime case, Marg Advisory Services was invited as the cyber forensic expert.
Scenario:
An educational institution noticed huge gaps in the financial records of the accounts department. Suspicious amounts of money were transferred to unknown accounts. Also, there were emails from many unknown persons, each with a false name and a free web email account.
Investigation:
This case is a good example of the suspect elimination approach. Rounds of interviews, and computer and email searches eliminated most potential suspects, except for a certain individual from the accounts team. Focusing on this individual revealed much evidence from their mobile and laptop.
These initial bits of evidence led to more trails, with a collection of storage media, more linked email accounts, and scam gambling sites associated with the crime.
The suspect was lured by fake emails and unintentionally shared login credentials which resulted in the theft of money from the institution.
Takeaway:
Had the institution invested in a robust cyber security plan and educated employees this could have been avoided. Unfortunately, the institution suffered a loss of reputation and lost a huge sum of money due to employee negligence and cybersecurity unawareness. Small business owners have always had long to-do lists, but now, cybersecurity is a priority. Some steps can be taken to protect small businesses, and the right cybersecurity plan can help them grow without worry.
Shibasis Hota is the partner for technology and digital transformation of Marg Advisory Services based in Bhubaneswar, Odisha. He has overall 21 years of business, technology and operations experience in diverse fields of IT services including banking, retail, media, healthcare, embedded and telecom. Shibasis has strong delivery management skills and experience of working in cross-functional teams across the world.
Disclaimer: The views, thoughts, and opinions expressed in the content belong solely to the author, and not necessarily to the author’s employer, organisation, committee, or other related groups or individuals, including Marg Advisory Services.