Why Small Business Owners Need to be Up-to-Date on Cybersecurity

Cyber Security No Trust

Cyberattacks directed toward small businesses have been on the rise in recent years. The prevailing thought among many small business owners is that the bad players are only going after large corporations. This destructive belief makes small businesses an easy target, vulnerable to hackers who are both aware and becoming more sophisticated in their attacks.

Tech Australia IT Services is seeing an uptick of small business owners who once thought they were too small to fall victim, understanding now how one attack could mean the end for their business.

Managing Cyber Risks with Managed IT Solutions

While securing your business cybersecurity seems like a no-brainer, many small business owners lack the money and resources for robust security solutions and likely do not have the full-time staff to monitor the systems.

“Tech Australia IT Services offers Managed IT Solutions that work within a business’s budget. They come in handy when they do not want to necessarily have a full-time staff member but realize they need help monitoring cybersecurity and other solutions to keep their business up and running,” says Jim Howe, President of Tech Australia IT Services. “We take cybersecurity very seriously, help small businesses see where they are most vulnerable and create solutions to ensure their protection.”

Cybersecurity Risk Management: What to Prioritize in 2023

The FBI’s Internet Crime Report for 2021 shows a 64% increase in potential losses from cyber crimes since 2018. Phishing and its variants stood out as the principal causes of such attacks with a 34% increase to nearly 324,000 incidents that cost over $44.2 million. An attack such as this could bankrupt a small business. When a small business owner is entrenched in the day-to-day activities of doing business, it’s hard for them to wrap their head around the magnitude of a cyber risk. So why not take precautions that far outweigh the costs and reputation issues that come with a cybersecurity business breach?

What Small Businesses Should Prioritize in 2023:

  • Cybersecurity threats:It’s important for small business owners to implement strong passwords, use two-factor authentication, and regularly update their security software to protect against threats such as malware, phishing attacks, and ransomware.
  • Data breaches: If a small business collects and stores sensitive customer data, such as financial information or personal details, it is important to have robust security measures in place to prevent data breaches. This can damage the reputation of a small business and lead to legal and financial consequences that take time, money, and an emotional toll.
  • Having a solid plan: Every small business needs a cybersecurity plan in place to help them respond to and recover from cyber threats. This includes regularly backing up data, training employees on cybersecurity best practices, and having an incident response plan in place to handle cyber attacks.

Every organization is at risk of a data breach. Many of us remember the infamous data breach at Target and how quickly it happened. Target had security systems in place but the security had system flaws, and it was found that Target ignored security system warnings from their antivirus programs. They also failed to protect their point-of-sale devices from unauthorized access. So the hackers were able to choose backdoor usernames and passwords to control Target’s data servers. If it can happen to big box retailers like Target, imagine what would happen to a small business? Their reputation and business would likely come to a screeching halt.

Protect Your Small Business with IT Security from Tech Australia IT Services

“Small businesses are very lucrative targets for cybercriminals because they have fewer resources and lack security expertise, leaving them more vulnerable to phishing attacks as cybercriminals take advantage,” said Howe. By having Tech Australia IT Services on their side showing them how to utilize multi-factor authentication, and updating strong passwords regularly, they are not only saving time and money, but are getting peace of mind.

If you want to see how we can help you secure your business, contact us today!

 

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