Three easy steps to protect small businesses from cybercrime

The threat of cybercrime to small businesses has been clear for decades; what many don’t understand is how serious the threat is to small businesses.

A Mastercard survey of small and mid-sized businesses revealed 46% report having experienced a cyberattack, which in almost one in five cases resulted in the business’s bankruptcy or closing.

No one is immune to cyberattacks, including customers, clients and employees. It makes sense for any business, regardless of size, to establish a rigorous protective perimeter. Fortunately, such security can be set up and maintained by following three easy steps.

One reason small businesses are targeted by hackers is that they are perceived to have a less security-conscious workforce. Often, they are targeted for phishing attacks, where an email is sent to deceive a recipient to reveal critical information, or click on a link designed to release harmful malware.

One recent cybersecurity study indicates 43% of all cyberattacks target small businesses, inflicting an average cost of $3.31 million on their owners. Most small businesses (61%) reported experiencing some breach in the last year.

To counter these attacks, business owners should educate their employees about the dangers of risky email and the often simple ways to recognize them. Protocols should be put into place to make sure phishing attacks are quickly identified and isolated.

One of the main weapons cybercriminals use on businesses is ransomware. After penetrating a company’s security perimeter, access to vital data is blocked and either sold back to the business for a ransom or else leaked for such purposes as identity theft or reputational damage.

While personal information can and must be protected in any number of ways, such as encryption, losing access via ransomware to other data can be mitigated simply by ensuring data is always backed up. The U.S. Chamber of Commerce puts it plainly: “If your system is compromised, you can avoid paying a ransom by backing everything up regularly – as regularly as every day, if possible.”

Cloud storage as well as access to third-party data centers can keep data safely stored away, so if your business is hacked, you can recover the data you need to keep going.

Ultimately, a core set of cyberprotection tools needs to be in place to prevent security breaches. These take many forms. Many large enterprises have networks protected by a managed firewall system like those designed by Cisco and Fortinet. Others incorporate Secure Access Service Edge (SASE), cloud security systems or specialized protection against Distributed Disruption of Service attacks.

For small businesses, these may seem like costly safeguards. But some security features can be acquired as part of a broader service array. Spectrum Business, for example, offers Secure Dedicated Fiber Internet, an all-in-one security and internet access tool with built-in threat protection, professional installation and 24/7 U.S.-based support.