What would happen if hackers targeted your business today? Cyber threats are on the rise and can impact establishments of all sizes. Keep reading and learn why cybersecurity for business owners has become essential.
Every Business Is a Target in Today’s Digital Landscape
Crime isn’t happening in alleys anymore. It’s online. Hackers target companies daily to steal data and disrupt operations.
If you think you’re safe because you’re just starting out or running a small business, think again. Fundera reports that cybercrimes cost small—to medium-sized businesses over $2.2 million annually.
Smaller businesses also have the most to lose. The US National Cyber Security Alliance warns 60% of small businesses that experience cyberattacks will go under within six months of the attack.
The Roadmap to a Secure and Resilient Business Network
Why wait for a disaster before taking action? Cyber threat prevention starts with smart planning. Consider these steps to bolster your defenses.
Practice Insider Threat Management
A report by the Ponemon Institute showed that insider threats increased by 44% from 2020 to 2022. Record employee turnovers and the adoption of hybrid work environments likely contributed to this increase.
Keep in mind that not all these threats are purposefully malicious. Some come from simple mistakes, but the consequences are no less serious.
Centralizing data, fine-tuning access controls, and monitoring user activity can minimize risk. You should also educate your team about cybersecurity best practices, such as spotting phishing emails and creating strong passwords.
Devise Ransomware Defense Strategies
Ransomware is a software that locks your files until you pay a ransom. The worst part is it doesn’t guarantee you’ll get the data back. Meeting demands often encourages further attacks.
Cyber attackers stole roughly $456.8 million in 2022 alone. Businesses also experience an average of 21 days of downtime from ransomware attacks, and recovery takes longer.
Backup data regularly, keep software up-to-date, invest in antivirus tools, and limit user permissions to reduce risks.
Get Cyber Liability Insurance
When a storm hits, you don’t want to catch yourself without an umbrella. Liability insurance helps cover the expenses of data breaches, legal fees, and recovery efforts.
Different policies cover different scenarios, so read the fine print and consult a professional when possible.
Stay On Top of Regulatory Compliance
The last thing you want is to face fines or legal trouble. Recent high-profile data breaches from industry giants like DoorDash and Uber have led to increasing scrutiny from regulators. Businesses now need to follow new guidelines in HIPAA, the Homeland Security Act, and the Gramm-Leach-Bliley Act.
From Awareness to Action in Cybersecurity
What steps will you take to protect your establishment today? Data breach protection matters now more than ever. Start small, stay consistent, and build a solid defense.
Cybersecurity for business owners is a journey, but every action you take strengthens your resilience against threats.
