Interactivity and interdependence of devices are increasing with time as the concept of IoT (internet of things) strengthens with time. While IoT pursues maximum convenience for individuals and businesses, it has its associated challenges too. The more intertwined the modern devices become, the higher the risk of cyber security threats will be. Small, medium or large, your exposure to serious internet threats does not depend on the size of your business. If you are a small business, you are exposed to just as many dangers as large enterprises. In fact, the downside for small businesses is that they are not as prepared as large businesses against cyber threats.
So, how are cybersecurity risks are increasing with time and what kind of risks facing small businesses today? Take a look at the many ways cyber threats pose a danger to small businesses.
The Ever-increasing Count of Cyber Security Risks
· The BYOD Issue
BYOD (bring your device) is an attribute of IT consumerization. To stay productive and efficient at the same time, more and more companies are allowing their employees to use their own devices to access and use corporate data. An example of this would be a worker using his tablet to open company's employee-related document repository or an employee accessing work emails from his smartphone. Unless you have strict policies and standards set for your BYOD implementation, your business could be at risk of being infected by malware coming from users' devices.
· Software Update Delays
Do you ever wonder why companies are so adamant at making their users update to the newest software version? This is because of the older versions of the same software, application, plugin, etc. are open to risks of cyber attacks. With small businesses relying on various applications, web applications and plugins for smooth website operations, database works, on-premise security, etc. they have to be extra careful at updating them all. Any non-updated software or application is an open window for internet thieves to jump into your system.
· Internal Threats
You have to be extra careful when authorizing access to any of your employees to your network and database. Many of the attacks on big companies in the past have been allegedly perpetrated by “inside men.” Sometimes the threats from your employees are not intentional but rather innocent. The authorized person might have access their account and forgot to log out while leaving the station. Some third person can then take advantage of the situation and cause damage to the system.
· Sophisticated Phishing Scams
This is a common issue with small businesses as they don't have strict protocols for employees to follow before opening emails or social media links. While phishing scam has been around for a time, the new form of this scam is called spear phishing. In this type of attack, the scammer sends email from an address that appears to the receiver as known and acquainted. This fools the person into clicking on the link and letting a dangerous malware (a ransomware at worst) enter the system.
· Lack of Cyber Security Knowledge
Sometimes, the problem is not being prepared to face a problem. This is a common case with many small businesses where owners and caretakers are under the impressions that cybercriminals won't attack them-why would they? They don't realize the top aspect of cybercriminals, i.e., they don't believe in discrimination. One of the common indicators of lack of cybersecurity knowledge at a workplace is when employees choose common, easy and predictable passwords for their entry points to the company's system.
What Small Businesses Have to Do to Counter These Threats
· Set Policies with a BYOD Approach
If you want to follow a BYOD approach at your workplace, you better document policies and regulations about it. Make your employees read these manuals carefully, so they know what standards and requirements they have to meet before they bring their own devices into the office. For employees that have to access your system from remote locations, set up a secure VPN.
· Gives Employees Cyber Security Training
They won't know unless you tell them, so make cybersecurity-related training a part of your hiring process. In fact, make internet security related questions a part of your interviews. Tell your employees to log out of their accounts and computers while leaving stations. Ask them to have strong passwords. Facilitate them with applications to not only remember those passwords but also generate random and difficult passwords. Explain to them why such measures matter and what the consequences of not complying with the regulations can be.
· Take Professional IT Help
Go for outsourced managed services or hire your own IT professionals to take care of the security-related issues. An outsourced service or the internal IT team will set up a complete system consisting of policies, hardware and software technologies to not only protect your database from cyber threats but also respond in time if you get attacked nonetheless.
· Give Authorized Accesses Wisely and Monitor Them
You can give access to sensitive company information and the system to only a select few employees. When you give them access to the system, grant them only the permissions according to their roles. Secondly, have a monitoring system to keep an eye on the activities of these employees. Furthermore, delete the accounts or change the passwords of accounts that are no longer in use because the employees they were created for have left the company.
· Choose Third Party Services Wisely
Have proper meetings and consultations before you subscribe to any third party services. To run a business in today's digital age, you have to subscribe to many platforms or applications as services, e.g., cloud CRM. You want to be sure that you are picking an industry-recognized and reliable partner. They must have the right security measures taken to protect not only their system but every bit of information that goes on their cloud platform from your databases.
Do not forget the security of your website among all this. In addition to your databases, internal software, applications used by employees, etc. you want to update your website plugins and applications in time too.