How to Protect Your Small Business From Cyber Threats

If you work at a small business and think a cyber attack can’t happen to you, think again. An analysis by Barracuda Networks showed small businesses are three times more likely to be targeted by cyber crooks than larger businesses. For that reason alone, it’s crucial for small businesses to protect themselves from cyber security threats.

Below, you’ll find ways to protect your small business from cyber attacks, the types of threats small businesses are susceptible to, and discounts on tools from Capital One Business Deals to help protect your business.

The Business Risk of a Cyber Attack

For a small business, a cyber security attack can be a financial disaster.

A report from IBM and the Ponemon Institute found that for an average business with fewer than 500 employees, a data breach cost $2.98 million in 2021, up nearly 27% from the previous year. Aside from the immediate financial impact, a cyber attack can jeopardize a business’ data over the long term, eat up valuable time and damage the business’ reputation. Worse yet, an often-cited study from 2015 found that 60% of small businesses shut down within six months of a data breach.

Understanding the Different Types of Cyber Attacks

Understanding the different types of cyber attacks can be tough, simply because there are so many. Learn about five of the most common types of cyber attacks to better protect your business from cyber security threats.

1. Malware

Malware refers to viruses, spyware, ransomware and other kinds of malicious software that a cyber crook secretly installs on a computer or another electronic device. A cyber criminal takes advantage of malware on your devices to do harm, such as stealing confidential financial data or making it easier to install additional malware.

2. Viruses

Viruses are computer programs that reproduce, infecting a computer or another device without a user giving permission or being aware of the virus. Among other things, a virus can demolish data, cause a device to slow down or crash, or enable spam to be sent from an email account.

3. Ransomware

Ransomware, a type of malware, blocks access to computer files, systems or networks. A cyber criminal who engineers a ransomware attack promises to remove the ransomware if they’re paid a ransom. Ransomware can interrupt business operations and lead to the loss of sensitive data.

You can unintentionally download ransomware onto a device by:

Clicking on an ad.
Opening an email attachment.
Clicking on a link.
Visiting a website that contains malware.

4. Phishing

In a typical phishing scheme, a cybercriminal sends an email that looks like it’s from a legitimate source. The email is designed to trick you into providing sensitive data, such as credit card numbers or passwords, by clicking on a link or visiting a fake website.

Cyber Security Best Practices

Phishing and other cyber threats are a painful part of doing business in the 21st century. But you can adopt cyber security best practices that can help safeguard your business against cyber harm.

1. Get Educated in Cyber Security

Various online resources are available to get educated about cybersecurity. Among them are:

2. Create a Security Plan

Every small business should create a security plan to address cyber threats. The plan should include these steps:

Train employees about cyber security. This should include guidance about using strong passwords for all online activity and switching passwords every three months.
Make sure all devices are equipped with the latest versions of antivirus software. Set up a firewall to shield your business’ operating system from cyber crooks seeking to steal your data.
Establish guidelines for proper use of mobile devices.
Consistently back up the data on your computers.
Fortify your Wi-Fi network to ensure it is secure.
Restrict access to company devices and computer networks to authorized people.

3. Train and Inform Your Employees

A cyber security plan won’t be effective unless you train and inform your employees about cyber threats and cyber security best practices. Here are some of the organizations that offer training programs:

Cybersecurity & Infrastructure Security Agency
STOP. THINK. CONNECT, sponsored by the National Cyber Security Alliance and the Anti-Phishing Working Group
Google
Coursera
Amazon
Cyber Readiness Institute

Save on Your Security Needs & Start Protecting Your Business

It’s never too soon to start protecting your business from cyber threats. You can do this by investing in antivirus software, password tools and other cyber security technology from brands such as Carbonite and LastPass.

You can save on your office security needs with Capital One Business Deals. Also, you can explore other business technology discounts on our website.

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