Protecting Your Small Business: Understanding Global Cybersecurity Threats

I. Small Business Cybersecurity Challenges Worldwide

Small businesses face serious cybersecurity issues all over the world. Scott Schober, who wrote “Hacked Again” and “Cybersecurity Is Everybody’s Business,” says that there are 30 million small businesses in the U.S that deal with various online threats. But this problem isn’t just in America, it affects the entire globe.

A lot of cyberattacks happen to small and medium-sized businesses. In fact, 43% of these attacks are aimed at small businesses worldwide. Yet, only 14% are prepared to protect themselves, says a study by Accenture.

In the UK, cybersecurity is a big deal too. A report by AAG IT services states that 39% of businesses were attacked online in 2022, and only 30% have insurance against this. About 69% of small businesses in the UK worry that a successful cyberattack could shut them down.

These cyberattacks can really harm businesses. Roughly 25% of small businesses that get attacked lose business and it can take as long as 8 months to bounce back.

Ransomware attacks, where hackers block access to files until they get paid, are a serious concern everywhere. Scott Schober points out, “The price of ransomware has shot up a lot, and this really worries small businesses — and there doesn’t seem to be a stop to this anytime soon.”

II. The Value of Keeping Information Safe

Information security, or infosec, is all about keeping your information safe from the growing number of threats. Its main aim is to make sure that information stays confidential, accessible, and unchanged by managing risks.

Small and medium businesses in the UK face several online threats, like phishing attacks and malware. These can lock you out of crucial business data unless you pay a ransom. Identity theft and big data breaches can also harm your business’s information.

A report from Close Brothers Asset Finance shows nearly 20% of small businesses have been attacked online in the last year. This shows how severe the threat is.

A cyberattack can be disastrous for a small business. It often leads to heavy financial loss, ruins the business’s reputation, and could even result in shutting down.

John Fawcett of Close Brothers Technology Services cautions, “SMEs are now seen as easy prey by hackers because their security systems aren’t as good as those of bigger companies.”

Understanding and managing information security isn’t a choice anymore—it’s a must.

III. Keeping Up with Legal and Regulatory Rules

Staying up-to-date with legal and regulatory rules can be difficult for small businesses. But it’s now crucial to understand data protection and privacy laws.

In the UK, the Data Protection Act (DPA) oversees the protection of personal data. Similarly, in Europe, the General Data Protection Regulation (GDPR) outlines rules for data protection and privacy. US businesses also need to keep in mind state-specific laws like the California Consumer Privacy Act (CCPA).

But it’s not just these laws. European businesses also need to be aware of regulations around data transmission through IoT devices, which are covered by the GDPR. Business operations must also follow the EU’s Cybersecurity Act, which has been in effect since June 27, 2019.

In the US, while there isn’t one law that regulates data collection and use, there are specific laws for different sectors.

If you don’t follow these laws, you could end up with heavy fines, lawsuits, and damage to your reputation. So, businesses need to know the data they collect, how they use it, who they share it with, and how long they keep it.

Doing regular checks can help you stay compliant and dodge risks of non-compliance. A good compliance plan can help your business navigate tricky data protection and privacy laws.

IV. The Current State of Information Security in Small Businesses

Right now, the state of information security in small businesses is concerning. Many small businesses are not well-prepared against growing cyber threats.

According to Accenture’s study, only 14% of small businesses are properly equipped to handle cyberattacks.

Small businesses often lack the resources and knowledge for cybersecurity. Many don’t have a specialized IT security team, making them a good target for cybercriminals.

Other weak spots include old systems and software, weak passwords, and employees who don’t know much about cyber threats.

Small businesses have less money to spend on data protection, don’t have compliance teams or data protection officers, but they still have to follow the same laws as big companies.

This shows the tough situation for small businesses. In a world where data breaches and cyber threats are frequent, the lack of readiness among small businesses is a problem that requires immediate attention.

V. Steps to Boost Your Cybersecurity

You can strengthen your business’s cybersecurity, despite the challenges. Here are some simple steps to get started.

Begin with basic cyber safety rules. These aim to protect your systems, networks, and data from online threats. A good rule is to regularly update your software, which can protect against known vulnerabilities.
Ensure your systems and networks are set up securely. This means understanding and using security settings to decrease the likelihood of an attack.
Using strong, unique passwords and multi-step verification can greatly enhance your cybersecurity.
And consider using secure online storage for your business data. These services typically have strong security measures in place, adding extra protection for your data.

Keep in mind, securing your business online isn’t a one-time thing. It requires ongoing effort.

VI. Teaching People About Cybersecurity

People at work have a big role in cybersecurity. Sadly, they often don’t know enough about online threats.

So, it’s important to train them. Everyone should know why it’s crucial to keep information safe.

Training should teach many things, like spotting fake emails, using strong, different passwords, and not using unsafe internet connections. The training should be refreshed often because threats change all the time.

But, training alone is not enough. Cybersecurity should be important to everyone, from new workers to top bosses.

VII. Staying Safe While Working from Home

Due to COVID-19, many people work from home now. This brings new online safety challenges. When people work from home, they may use shared internet connections and personal devices, which may not be as safe.

There are ways to stay safe while working from home. These include using Virtual Private Networks (VPNs), safe home networks, and managing devices well. You might also need to change rules and procedures for remote work.

You could ask workers to make their devices safer, use secure Wi-Fi, and use trustworthy security software. Regular training and talking to employees can also ensure they follow these rules.

VIII. Dealing with Cybersecurity Incidents

Despite your best efforts, online security incidents can happen. It’s crucial to have a good plan for handling these incidents and lessening their impact on your business.

Your plan should outline what to do if an attack happens. This includes identifying the problem, stopping the threat, fixing the cause, and getting your systems and data back.

Testing and updating your plan regularly is also important.

You should also back up your data regularly and have a plan for recovering from disasters. This can help you recover your systems and data quickly if there’s an attack.

Cyber insurance can also be useful. It can cover costs related to a cyber incident.

IX. Getting Help from Cybersecurity Experts

As small businesses move more online, managing cybersecurity can seem complex. This is where cybersecurity experts come in handy.

Experts can look at your current security measures, find weak spots, and suggest improvements.

Managed Security Services Providers (MSSPs) are particularly useful. They offer many services, including monitoring constantly, finding threats, suggesting response strategies, and helping with managing compliance.

They offer services beyond what in-house IT teams can usually provide. This could include things like software updates, managing vulnerabilities, and responding to incidents.

The goal is not to sell their services, but to highlight how they can help businesses facing cybersecurity challenges.

X. Conclusion: The Importance of Cybersecurity

The impact of online threats and not following rules can be very damaging for small businesses.

But, investing in good cybersecurity measures can protect your business, save money in the future, and improve your reputation with customers.

In our connected world, cybersecurity is no longer optional for small businesses. It’s a key part of running a successful, resilient business.

XI. Interactive Video

To summarize, watch the interactive video below.

XII. Further Reading on Cybersecurity

For a deeper understanding of cybersecurity, check out these resources:

The UK National Cyber Security Centre (NCSC) Small Business Guide: This practical guide helps small businesses boost their cybersecurity. It gives easy-to-follow advice on topics like setting up secure systems, preventing harmful software, and handling cybersecurity incidents: https://www.ncsc.gov.uk/collection/small-business-guide
The US Federal Communications Commission (FCC) Cybersecurity Guide for Small Businesses: This useful guide outlines ten main strategies for getting your small business ready for cybersecurity challenges. It gives you actionable steps to set up a strong cybersecurity system. Visit the site: https://www.fcc.gov/cyberforsmallbiz
Small Business Administration (SBA) Cybersecurity: This guide by the SBA gives a broad overview of cybersecurity, including how to manage risks, plan for cybersecurity, and resources to train small businesses to strengthen their online defences. Find the guide here: https://www.sba.gov/business-guide/manage-your-business/stay-safe-cybersecurity
Australian Cyber Security Centre (ACSC) Small Business Cyber Security Guide: This guide by ACSC gives a step-by-step approach to manage cybersecurity risks for small businesses. It includes advice on how to secure online services, devices, and networks. Find it here: https://www.cyber.gov.au/acsc/view-all-content/publications/small-business-cyber-security-guide
SME Cybersecurity — ENISA: This resource by ENISA focuses specifically on the cybersecurity needs of small and medium-sized businesses. Find it here: https://www.enisa.europa.eu/topics/cybersecurity-education/sme_cybersecurity
Information Security Laws and Regulations: A helpful list detailing various global laws and regulations about information security and keeping your business running. Check it out here: https://advisera.com/27001academy/knowledgebase/laws-regulations-information-security-business-continuity/

Cybersecurity is always changing, so it’s important to stay informed about new threats and ways to stay safe. Regularly checking these resources can help you stay up to date.

By staying informed and proactive, you can ensure your digital infrastructure remains secure, allowing you to focus on your business growth.

Good luck on your cybersecurity journey. Stay safe and let your business grow!

If you’d like to expand your knowledge on information security and data privacy, explore my Udemy courses: