The evolution of the Internet has allowed businesses to reach customers in a whole new way. Although the web has introduced new opportunities, it has also introduced significant new risks. Despite these risks, many businesses are still overlooking cyber security.
Why Are Small Businesses Overlooking Cyber Security?
Cyber security is the protection of systems and data from digital attacks. Many businesses make more traditional security options a priority, but cyber crime remains a problem that small- and medium-sized businesses (SMBs) often dismiss for various reasons.
We see the headlines about massive data breaches, hacking, and election tampering on an international scale, but owners and managers of small businesses are not always convinced to take action to guard against attacks. Meanwhile, cyber attacks continue to wreak havoc. According to a Maryland University study, there is a hacking attempt every 39 seconds, affecting one in three Americans per year.
Small Businesses Need to Know the Costs of Cyber Attacks
Businesses of all shapes and sizes need to implement cyber security measures, as businesses of all shapes and sizes are targeted by cyber crime. In fact, small businesses suffer more cyber attacks than any other group.
According to a 2018 study by Keeper Security and the Ponemon Institute, a vast majority of small- and medium-sized businesses were targets of cyber attacks in 2018. The resulting costs of cyber attacks rose 33 percent in 2018 to $1.43 million. Significantly, the cyber attacks were often the result of weaknesses that could have and should have been addressed.
Cyber Crimes Damages Continue to Grow
While enterprises like Yahoo!, Marriott, Target, AT&T, eBay, UPS, and Equifax have fallen victim to cyber crime, affecting billions of individuals and costing roughly as much, they are far from the only businesses affected. And cyber crime damages—currently at three trillion dollars per year—could reach five trillion per year by 2024.
When cyber criminals successfully attack smaller businesses, the results can be devastating. According to the National Cyber Security Alliance, 60 percent of SMBs last just six months after being hacked.
Cybersecurity Ventures, a leading researcher and publisher on the cyber economy worldwide, forecasts that number will rise to every 14 seconds by 2019—and every 11 seconds by 2021.
Cyber crime is a very real, growing danger that shows no signs of slowing down.
Businesses Must Stop Overlooking Cyber Security and Take Cyber Crime Seriously
A lack of a cyber attack so far does not mean a business is safe from one.
Many businesses overlook cyber crime because it hasn’t happened to them yet. This mindset is especially prevalent in older CEOs and businesses. Because cyber crime is a relatively new concept, it’s never been as complicated as it is today, with new and improved techniques for breaching businesses of all sizes.
Although we’ve seen significant documentation and reporting of cyber crime damages and threats, the Internet Crime Complaint Center (IC3)—established by the FBI in 2000—estimates just 10 percent to 12 percent of attacks are reported. Many businesses have been affected and don’t even realize it.
The Most Common Cyber Attacks
While there are many different types of cyber crime targeting businesses, there are common threads in these attacks, and businesses should take note.
One of the most common cyber attacks approaches the target by email. Whether it’s business or private emails, attackers use phishing emails to trick users into opening the cyber door. Hackers can then access private data and deliver massive damage to the business. This is frequently done by pretending to be a client or coworker and phishing for information either directly or through dangerous links.
Denial-of-service (DoS) attacks are another tactic of cyber criminals. These attacks allow hackers to take down websites by flooding their servers with information. This can be done by one person or through a distributed denial-of-service (DDoS) attack, which causes an even more streamlined approach by automating the attack. DDoS attacks rose dramatically in 2019, becoming another of the most common cyber attacks.
Protect Your Data: Don’t Continue Overlooking Cyber Security
At the core of all cyber security is one important goal: protecting your data and IT systems.
Due to the evolving craftiness of criminals who target businesses in the digital world, the safest way to protect your data is often to bring in an expert to advise and assist you in cyber security measures.
Cyber security is a complicated topic. While businesses can do their own research and take helpful steps to lower risk through preventative measures like training, better communication, and data management, it often takes an expert to ensure maximum cyber safety for your business.
As the costs of cyber attacks continue to rise, cyber security has never been more important. Getting ahead with solid cyber security measures can help small businesses avoid one of the most common threats to businesses of all sizes today and stop overlooking cyber security.