The Biggest Security Threats Facing Your Business
In the current economic climate, small businesses have plenty of obstacles to contend with, but security must not fall to the backburner as problems like inflation and hiring challenges continue to make life difficult. Following are some of the biggest security threats facing your business.
One of the top security threats facing small businesses is theft, and according to data from the U.S. Chamber of Commerce, it’s getting worse. According to the report, which was released less than six months ago, over half (56 percent) of businesses polled reported experiencing theft sometime in the past year. 46 percent said they were forced to increase prices as a result of shoplifting.
To prevent shoplifting, be aware of common tactics, utilize security cameras and other devices and inventory management tools. Use signage to deter potential shoplifters, and train employees on how to deal with a potential shoplifting incident.
Ransomware has become an increasingly prevalent threat to businesses of all sizes in recent years, likely because the perpetrators are able to extort significant sums of money from them.
“Small businesses are especially at risk from these types of attacks,” says Joel Witts at Expert Insights. “Reports have shown 71% of ransomware attacks target small businesses, with an average ransom demand of $116,000. Attackers know that smaller businesses are much more likely to pay a ransom, as their data is often not backed-up and they need to be up and running as soon as possible. The healthcare sector is particularly badly hit by this type of attack, as locking patient medical records and appointment times can damage a business to a point where it has no choice but to close, unless a ransom has been paid.”
Prevent falling victim to ransomware by taking standard cybersecurity precautions, such as avoiding suspicious emails, links, and attachments. Phishing is often the method from which these attacks are delivered.
A Lack of Training
Employees who aren’t aware of security best practices may end up costing your business. Make sure you have a training program in place so that everyone on the team understands cybersecurity threats and how to avoid falling victim. All it takes is one mistake to put data or your network at risk. At the same time, keep software updated and ensure employees know to do so on their devices. Ensure that everyone is using strong passwords and not making them available for scammers to discover.
Threats from Within
No business owner likes to imagine that someone on their team might be a threat, but it does happen a lot, and the consequences can be devastating. According to Old Republic, 30 percent of business failures are caused by employee theft. To prevent this from becoming an issue, keep close tabs on inventory and bookkeeping, as well as all cash. Use security cameras, and keep your eyes and ears open.
Business owners have enough responsibilities without spending a lot of time on the fallout from theft, ransomware, and other threats being perpetrated against their companies. Stay vigilant and keep your team educated on security threats to prevent your business from becoming the next victim.