As technology advances, the threats it poses rise. Compared to last year’s first quarter, cybersecurity threats have increased by 7%, and around 1500 cyberattacks happen weekly. Moreover, with recent AI developments, hackers have even better support in their malicious endeavors.
Being the victim of a cyberattack comes with many consequences that won’t only put a dent in your budget but also result in you losing valuable customers. Inform yourself about how to plan your cyber defense strategy on time and prevent costly mistakes.
Consequences of a Cyberattack
The larger your company, the more complex its corporate network and the greater the demand for its protection. But don’t let that fool you. Small businesses are just as likely to get attacked. In fact, 57% of attacks in 2019 were on small businesses.
Most small businesses don’t see cyberattacks as a threat and rarely allocate a part of their budget to reliable cybersecurity measures. Hackers know that very well, which makes small businesses a perfect target for their attacks.
But just like small businesses don’t invest in proper network security, they also rarely have the means to recover from a cyberattack. Around 60% of small businesses go under six months after a cyberattack.
In 2022, the average global cost of a data breach was $4.35 million. Meanwhile, the U.S. alone suffered losses of $9.44 million. Now imagine how much of that money went to reestablishing small businesses just for them to shut down so soon afterward.
However, the budget required for the recovery of your business isn’t the only aspect you’ll have to worry about if a hacker targets your company’s valuable data. Your reputation might suffer and drive away old and new customers.
Falling victim to a cyberattack will label your business as unprofessional and incompetent. You might even get on someone’s bad side and be sued for exposing their private information. Defending yourself, even if you’re not at fault, is often a lengthy and costly process.
In addition to a potential lawsuit, your misfortune might also result in various regulatory penalties and fines. These fines can be your failure to comply with local codes and regulations that require all businesses to implement appropriate security measures.
What Can Lead to a Data Breach?
There’s a plethora of reasons why your business might become the target of a cyberattack. It could simply be weak credentials like an obvious and easily guessable password. Many people don’t bother creating unique passwords for every platform they use. This is extremely risky, especially if you’re reusing the same credentials for a website where a breach has already happened.
Another reason why a cyberattack succeeded might be because your software isn’t properly installed or updated to its latest version. Your unprotected network might also be the culprit. Giving access to your corporate network to unprotected devices is a disaster waiting to happen.
Clicking on suspicious links and websites might result in catching malware and infecting your whole office network. Of course, this mistake might be entirely down to your negligence. Still, these links may come from trusted or authoritative individuals who have fallen victim to a cyberattack before you.
Lastly, a hacking incident can be an inside job. It could be an ill-intentioned employee or a contractor looking for easy money. It might not even be an intentional leak of data but an accidental mistake caused by carelessness.
How to Plan Your Cybersecurity Defense
To counter today’s emerging threats and cybersecurity risks, you must create a comprehensive cybersecurity defense strategy for your business, no matter how big or small. Of course, it will take a portion of your budget, but it’s a valuable investment considering the cost of a cyberattack.
Assess the Security Risks of Your Business
The first step to creating a cybersecurity defense strategy is stepping back and assessing the potential weak spots in your system. These can be network vulnerabilities, outdated equipment, poor internal and external security, and even natural disasters.
If you don’t have the budget to deal with all the necessary security improvements, start with the riskiest ones and spread out from there.
Be Up-to-Date
As mentioned, one of the greatest security risks is old equipment and software. Hackers are constantly getting better at finding loopholes, and outdated systems are the first on their list.
Keep Your Data Backed-Up
Storing your data on a reliable device disconnected from your office network should be one of the first security measures for your business. By doing so, you can be one step ahead of ransomware that could strike your business at any moment.
However, periodically backing-up valuable client and business information isn’t only to fight cybercriminals. It also protects you against natural disasters and similar unforeseen circumstances.
Control Access
Controlling access will prevent unauthorized parties from entering your network and office equipment. Not all employees should have access to everything in your office, and everything should be password-protected or have another form of authentication.
Use Multiple Layers of Protection
Don’t just settle for one form of protection. There are plenty of managed IT services that you can utilize for your business protection. From firewalls to hard drive encryption, you can use various security measures as long as they fit your budget.
Train Your Employees
Lastly, no cybersecurity measure will reach its full potential unless you train your employees. The smallest mistake can lead to a data breach, so make sure that your employees are aware of the different forms of cyberattacks and how to prevent them.
Find the Best Cybersecurity Practices for Your Business
Cyberattacks won’t wait, and neither should you. Your small business can easily get swept up in a larger data breach that won’t pick and choose its victims based on size. And the smaller your business, the costlier the consequence of having your data lost and used for malicious purposes.
Start planning your cybersecurity defense today to prevent potential hacking attempts and protect you and your client’s privacy. KDI Office Technology equips businesses in Philadelphia, eastern Pennsylvania, New Jersey, and Delaware with the latest cybersecurity practices. Contact us today, and let us help create your defense strategy.