Cybersecurity has become an increasing concern for small and medium businesses (SMBs), especially over the last two years. Growing businesses face more cyber threats as digital systems grow in popularity with the technology boom. With almost every industry going digital, devices and systems are even more connected, and therefore, more vulnerable. While they may seem “too small to target”, small businesses are a prime target for cybercriminals. Although over half of small business owners reported little concern over data breaches, surveys show that 61% of SMBs experienced a cyberattack in 2021 alone. As technology continues to advance and more digital natives (adults ranging from 18-30) enter the workforce, risks are only set to increase.

Furthermore, though 59% of small businesses believe they could quickly resolve any cyber-attack should one occur, research shows that four out of ten businesses typically lose eight hours to downtime following an attack. To make matters worse, SMBs may lose over $25,000 per attack, according to recent studies found in the Hiscox Cyber Readiness Report 2021. Recurrent losses of this size ultimately bankrupt businesses and tarnish brand names. Last year’s reports highlight a 424% surge in cyber-attacks in the last 12 months on small businesses; therefore, small, and medium businesses can no longer afford to compromise on cybersecurity plans.

What Cybersecurity Experts Expect in the Coming Year:

1. Ransomware attacks continue to rise – The largest threat to small businesses is ransomware attacks. A ransomware attack could occur when you open a malicious email or a fake website, which then targets your data. An attack like this is becoming more frequent, as 2021 surveys indicated that ransomware attacks increased by 151%.
2. Phishing attacks that disorient teams – Phishing is the most frequent attack for malware like ransomware. 80% of reported cyber-crimes come from phishing attacks in the technology sector. A plan that trains teams to recognize phishing attacks can help prevent them from happening and costing your business.
3. Incomplete data visibility – While it can be a feasible solution, cloud security can limit data access and visibility if not implemented properly. Transparent data access is crucial to protecting every business’ data, a cloud service that manages data should provide high visibility. Small businesses should consider encrypting data and establishing tiered levels of security to facilitate safe data sharing and authentication.
4. Peripheral devices become better targets  – Smart devices and wearable computers and printers are now targeted because they tend to offer little to no privacy protection while being connected to major systems. Users should look to install patches and change weak passwords whenever possible. Furthermore, security solutions must now focus on protecting peripheral devices connected to the network, even if these lack a screen.
5. Unsecured network usage for remote workers – Remote workers are expected to compose at least 22% of the American Workforce by the end of 2025. Therefore, businesses must now establish clear rules and policies on device and network usage to prevent data from being transmitted through personal, unsecured devices.

3 Ways to Protect Your Growing Business From Cyber Threats.

1. Experienced managed security services – An experienced service team will collaborate with you closely to develop a comprehensive security plan including all employees, locations, and assets. Assess the gaps and current state of your business and define a strategic security plan to prioritize remediation and ensure compliance.
2. Design a support plan – Paired with a security plan, access to a designated support team can ensure your devices work at optimal performance. Managed IT services can help lower operational costs, access disciplined expertise, and manage operating systems. Help your business get assistance in resolving current challenges.
3. Maximize data security in a seamless cloud service – Get complete data visibility and access with the latest insights into your infrastructure for seamless adaptability. Maximize data security, monitor cloud costs, and simplify management with a comprehensive data platform customized to your needs.

Data security is no longer a luxury, it’s a necessity. Issues like ransomware attacks, limited data visibility, and an unsecured network are expected to challenge business continuity in the future, but with the right team, these challenges may turn into opportunities for optimization.

Learn more about how you can enhance your cybersecurity plan with our team.