Individuals and businesses are now more connected than ever before thanks to technological advancements. However, the same networks that keep people linked are also rife with cybersecurity concerns. Cybersecurity is essential because businesses today rely on these networks to conduct financial transactions, sell products, and offer their services online.

The options and pricing of these cybersecurity solutions vary. Furthermore, some small and medium-sized enterprises may lack the necessary cash or budget to cover the majority of these expenses.

Still, cybersecurity is a critical component of corporate operations. This article defines cybersecurity and shows how important it is for small businesses.

What is Cybersecurity?

Cybersecurity is a strategy for protecting networks, computers, data, and people from unwanted access, acquisition, or damage caused by cyber attacks. Cybersecurity is more than just one action; it is a continuous process that must be implemented and maintained on a regular basis. Failure to do so may expose your important IT assets to a variety of hazards, including fraud and theft.

For businesses, a well-implemented cybersecurity policy enables them to detect, investigate, and address cyber threats with minimal to no loss of essential assets.

Importance of Cybersecurity for Small Businesses

While major firms, such as international corporations, have the resources to invest in complete cybersecurity strategies, small businesses may not have the same luxury. Nonetheless, cybersecurity remains a critical component of a small business operations. Even the most basic security measures can help prevent a wide range of dangers.

If you own a small business, you don’t need to invest in costly security solutions. Instead, examine your goals and budget first to establish which cybersecurity solutions are adequate to secure your company’s critical assets.

So, how might cybersecurity help you and your business? The following are some of the ways that cybersecurity can benefit small enterprises.

Protects computers and networks from cyberattacks

In 2018, around 80,000 cyberattacks happened every day or about 30 million attacks in a year. In 2017, 61 percent of cyberattack victims were businesses with fewer than 1,000 employees. From these two statistics alone, you can see the scale of the threats from cyberattacks on small- and medium-sized businesses. Without cybersecurity measures, those statistics might have been higher.

Small businesses can protect their networks and IT equipment by updating their security software like antivirus and anti-malware applications. Having network protection like firewalls also increases your chances of preventing cyberattacks.

In terms of investment, these measures are cost-effective solutions that may fit into a small business budget.

Familiarizes employees with security principles

In a 2000 book, Secrets and Lies: Digital Security in a Networked World, author Bruce Schneier mentions that humans are the weakest link when it comes to security. He also writes that people are ultimately responsible for failures in security systems.

Without proper training and security familiarization, humans are likely to succumb to cyber threats. Phishing is one example of an attack that can victimize many people.

In a phishing attack, the culprit pretends to be an authoritative figure or someone the victim knows. The victim is tricked into providing critical information like personal data or financial records. When the victim realizes what happened, it may be too late.

For businesses, this vulnerability can turn employees into liabilities. Providing security training can help employees become less prone to such attacks. This way, employees become part of the cybersecurity solution.

Security familiarization may vary in cost depending on the scope and number of employees. However, even the most basic security training is already a great help and investment in preventing a significant number of cyberattacks.

Keeps crucial information backed up

Early detection and prevention of cyber threats can save business owners a lot of hassle. However, a breach may still occur despite the lower likelihood of an attack. In this circumstance, vital company data must not be lost, or if it is, it must be recoverable.

Having the company’s critical files backed up and stored in a safe and secure location is crucial, especially for businesses that rely on this data for the majority of their operations. Backup data and the ability to restore it assist maintain business continuity and minimal to no downtime, even in the case of a security compromise.

Controls access to computers and data

Employees have roles and responsibilities within a company. As a result, certain employees require access to important information or resources, while others do not. It is good cybersecurity practice to restrict access to specific resources or files to just authorized workers.

One approach to accomplish this is to create user accounts, passwords, and access rights based on the employees’ roles and positions. Even locked storage for laptops and other corporate assets can help reduce the risk of theft or damage.

Maintains best practices on financial transactions

Banks are among the most trustworthy and safe entities when it comes to anti-fraud measures. Consider cooperating with them to protect your financial transactions.

Read Also: The Role of Firewalls in Network Security

In addition to deploying security measures such as anti-malware software, firewalls, and employee training, conduct financial transactions across secure networks and systems.

For example, avoid utilizing public Wi-Fi while making online purchases, and avoid processing fees on the same computer used for routine internet browsing.

Provides a mobile device security plan

Businesses may use mobile devices to store critical business information like work files or trade secrets that give the companies an edge. If the device gets damaged, lost, or stolen, that information may be compromised.

A mobile security plan can address those vulnerabilities to ensure business data is kept secure and protected. Some examples of this measure include mobile insurance or an auto-erase feature if the device is lost or stolen.

Secures wireless networks

Wi-Fi is a convenient method to connect computers and mobile devices to your network. However, hackers can also use Wi-Fi to breach your system and access your network without you knowing about it.

One straightforward solution to prevent this security vulnerability is to set up your Wi-Fi with a strong password and encryption.

If you are using Wi-Fi strictly for business purposes, you may hide your wireless network. You can do this by not having the router or access point broadcast its Wi-Fi name. This way, hackers will not find your wireless network easily.

What are the 5 Reasons Why Cybersecurity is Important Now More Than Ever?

People equate hacking with phishing assaults, yet there are thousands of cybercriminals with knowledge and resources comparable to those of information technology businesses, as well as hundreds of thousands of organizations that lack the capacity to defend against them. The International Information System Security Certification Consortium (ISC)² anticipates that the cybersecurity workforce will need to grow by 145% to fulfill global demand. The current skills shortage translates into about 4 million unfilled jobs, which is bad news for individuals, businesses, and governments alike.

It does, however, imply that cybersecurity is a potential career option for individuals who possess the necessary knowledge and abilities, as well as required certifications, such as The University of Tulsa’s 100% online part-time M.S. in Cyber Security. Preventing and reducing the impact of cybercrime will become increasingly vital as the process of identifying and protecting against cyber threats becomes more complex.

For reasons detailed in this article, ensuring that there is enough cybersecurity talent in the United States and around the world has become a key issue across industries and countries.

We’re all vulnerable to cybercrime

Humanity relies heavily on information systems and connected digital technology, which is problematic for a variety of reasons. According to Cybersecurity Ventures, humans will store 200 zettabytes of data across personal devices, linked appliances, public infrastructures, and data centers by 2025, making all of that data an enticing target for criminals.

More Americans are working from home, which means more people are connecting to devices remotely and utilizing cloud storage and services. They’re also sharing and creating more data in the process. Each login and sharing represents another point of vulnerability.

Billions of people interact with the internet each day, and 100 million new people go online daily. Many don’t know how to protect themselves or their data, or feel it’s futile even to try. Two-thirds of people polled as part of a Harris Poll survey for NortonLifeLock felt there’s no way to reliably protect one’s privacy online.

Finally, there could be 25.4 billion IoT devices in use by 2030. As more everyday devices and appliances connect to home networks and store user or customer data on the cloud, the number of potential security blind spots goes up.

Cybercrime is common

Cyberattacks are far more common in the United States than people realize. According to studies, brute-force attacks account for one attempted hack every 39 seconds on average. According to the FBI, there are 4,000 ransomware attacks on businesses per day, with one ransomware victim every ten seconds by 2020. In the same year, there were around 26,000 Distributed Denial of Service assaults every day, or 18 per minute on average. Some of these attacks are random, while many are targeted. A stunning 87% of firms have seen a cyberattack that attempted to exploit a known system vulnerability.

Every day, hackers run billions of malicious scans, get access to millions of sensitive digital documents, blackmail organizations, threaten critical infrastructure, and steal hundreds of thousands of dollars around the world. Ginni Rometty, former chairman, president, and CEO of IBM, described cybercrime as “the greatest threat to every profession, industry, and company in the world.”

Cybercrime is an economic issue

The economic impact of cybercrime is immense. Cybercrime will inflict damages totaling more than $6 trillion globally by the end of 2021, up from $3 trillion in 2015. It is more expensive than the damage inflicted by natural disasters worldwide – and more profitable than the global illegal drug trade. Some sources call cybercrime the “greatest transfer of economic wealth in history” – one that could potentially kick off another major recession.

Sources predict that figure will continue to go up year by year. A single sophisticated, large-scale hack or data breach can cost an organization $13 million to detect and mitigate. Global spending on cybersecurity products and services is currently measured in billions of dollars, but many industries are still responding to yesterday’s threats because it’s tough to find professionals with the right cybersecurity education and experience. By 2025, the global shortage of data security and cybersecurity experts could cost the world more than $10 trillion annually.

Cybercrime erodes personal privacy

Cybercriminals are experts at finding new ways to steal sensitive information, and even highly technologically savvy people fall victim to their attacks. Having strong passwords is no longer all it takes to protect one’s data. Anyone who works, shops or plays online – which is nearly everyone – is vulnerable to digital strikes that take the form of viruses, phishing, worms, spyware, malware and simple fraud. Attacks are frequent and attackers unrelenting. Google has registered 2,145,013 phishing sites as of Jan. 2021. People receive dozens of malicious emails each day and many are identical to correspondence from legitimate organizations.

At the organizational level, data breaches happen frequently and affect millions. Consider that 540 million Facebook profiles and user records were exposed in 2019, 147 million Equifax records were exposed in 2017 and more than 3 billion Yahoo accounts were part of a 2013 breach that exposed names, birth dates, email addresses and passwords. As a result of such breaches, more than 14 million consumers, or 1 in 15 people, fall victim to identity fraud each year. 

A third of adults in the United States have experienced some form of identity theft. One in five fall victim more than once. The burden of securing sensitive personal information is technically on the individual, but there is very little people can do to ensure the organizations and services they use safeguard data shared with third-party entities.

Cybercrime is a threat to national security

According to the Department of Homeland Security, “Our daily life, economic vitality, and national security depend on a stable, safe, and resilient cyberspace.” Cybercrime is increasingly a national security issue because the ubiquity of unprotected databases and networked systems opens a door to foreign nations, terrorists and extremist groups looking to disrupt physical infrastructure, gain an economic advantage, steal state secrets and erode confidence in citizens.

President Biden has deemed cybersecurity a top priority for his administration at all levels of government, and one facet of the White House plan to defend the nation against cybercrime involves building a more robust national cybersecurity workforce. Reducing the shortage of qualified cybersecurity professionals in government is only the first step, however. As the Colonial Pipeline attack illustrated, further cybersecurity measures in the private sector will be vital to beefing up America’s digital security because there’s little to prevent enemies of the state from targeting privately owned infrastructure.

Rates of cybercrime are increasing

A 2019 Accenture study found that 68.4% of business leaders felt their organizations are more vulnerable to cybercrime, and they’re probably right. Digital technology is evolving quickly and the rapid, widespread implementation of new technologies is creating areas of vulnerability that cybercriminals eagerly exploit. Security breaches have increased by 11% since 2018 and 67% since 2014, in part because people and organizations adopt new technologies without performing thorough risk assessments.

There is now one cyberattack every 11 seconds, which is twice the 2019 rate (one attack every 19 seconds) and four times the 2016 rate (one attack every 40 seconds). For this reason, the importance of cybersecurity cannot be overstated. Everyone who uses computers and mobile devices is at the mercy of thieves and hackers.