Cybersecurity For Small Businesses: 7 Biggest Challenges

Cybersecurity In 2020: 7 Challenges For Small Businesses

August 7th, 2020   |   Updated on January 12th, 2023

About 30,000 websites get hacked every day. If you believe that your company will never be one of them, you may be right, and maybe not.

The odds of falling victim to a cyberattack is not determined by what you think on this issue but rather how much you know about it. The subtlety of cybercrime enhances every hour. With the help of technology, hackers become more powerful than ever. Read and learn more about protecting data to fully understand why it is an essential concern to everyone.

If you are concerned about your business security, these trends will give you a basic understanding of the vulnerabilities that characterize the majority of online companies today. These are 7 common challenges facing small businesses.

7 Biggest Cybersecurity Challenges For Small Businesses

1. Weak Passwords

Cyber gangs can compromise your security in many ways, but in most cases, the company itself provides a favorable ground for cyberattacks to end in success.

The weak password is a common slip that lets cybercriminals quickly gain a company’s credentials and subsequently take over their finances.

Another mistake that many businesses tend to make is the use of one single password for multiple accounts at a time. Small business cybersecurity statistics show that the most vulnerable companies appear to use the same password for over 130 accounts.

If one of them is hacked, the rest become accessible to cybercriminals too. It means that the more times you use the same password, the more vulnerable your security system becomes. This is why it’s crucial for companies to maintain visibility and control over their accounts in a secure enterprise password vault. A password vault is an enterprise password management solution that improves security by storing passwords, certificates, and other credentials for shared business accounts and systems in a secure, IT-managed location.

2. No Data Backup

The trend for not using data backups is gradually dying away, but it is still possible to see businesses which either forget or deliberately avoid safeguarding their data with backup services. The need to back up data is connected to the company’s ability to bounce back after cyber-attack.

When all the information and documentation can be recovered quickly, it takes less than a week for a company to continue its operation and retain all the partnerships and collaborations.

However, you should be confident in the credibility of your data backup service. Otherwise, you risk ending up with nothing at all if neither you nor your service provider can ensure quick and effective data recovery.

3. Cybersecurity Skills Shortage

The labor market has an unemployment rate of zero percent when it comes to cybersecurity jobs. With such a rapid growth of technology and eCommerce, the demand for information security professionals exceeds the supply. To date, there are around 3.5 million unfilled jobs which are expected to triple by 2022.

This skills shortage results from progressive cybercrime growth and the small entrepreneurs’ willingness to protect their businesses that pushes them to keep at least one specialist on site.

4. Malicious AI

The use of Artificial Intelligence in business is catching on across all industries. AI-based software has a diverse application: from better customer support to automated reporting. However, with the ubiquitous adoption of AI-driven tools, the risk of cyber-attack only increases.

AI can be infected with malware as much as any other network or system. But AI in control of cybercriminals has graver implications. Once infected, AI software can continue destroying other systems until it is taken offline.

Unless you are willing to risk your company’s security, it is important to protect AI too if you decide to integrate it with your business.

5. Data Breaches And Phishing

A data breach is the most common form of cybercrime on the web. Despite its simplicity and low cost, an average breach in the US results in the losses amounting to $8 million.

The reason behind this serious financial damage is that it is not easy to detect a data breach within a few hours after happening.

It takes usually about 197 days to identify a data breach. In the meantime, cyber gangs can get away with their attack and cover their tracks.

As a result, the number of data breaches across the world continues to grow as more and more businesses turn out to be unprepared to withstand cyber-attacks.

6. Unsecured Mobile Devices

Mobile technology has become dominant in the last decade. Today, it is possible to manage and control each aspect of daily life with a smartphone.

It is extremely comfortable but also dangerous because getting access to someone’s mobile phone gives hackers full control over their life.

Unsecured mobile devices are another contributing factor to an alarming rate of cybercrime. What you can do in this case is to choose apps and services which rely on two-factor authentication.

This technology is today believed to be the strongest method to prevent attackers from stealing your data and protecting your accounts.

7. Cybersecurity Awareness

Cybersecurity In 2020: 7 Challenges For Small Businesses

The best remedy against cyber threats is awareness and literacy. Most victims of cybercriminals appear to lack the basic knowledge of cybersecurity and neglect to follow the simple rules for staying safe online.

The need for cybersecurity training is necessary for every small business where employees are involved with social media, marketing, and customer interactions.

They should be able to recognize a cyber threat if they happen to face it accidentally.

How To Avoid Cyber-Attacks?

There is no sure-fire way of being intact on the web because the risks of this kind are inevitable. However, you can greatly reduce these risks by protecting your company’s data and privacy.

The best solution is to hire a qualified information security specialist who will be in charge of monitoring the security system and detect any vulnerabilities in it.

About The Author

Kyle McDermott is a web developer, blogger, blockchain enthusiast, and business analyst. He loves to write about new technologies, business news, and sports events. Kyle is also a proofreader at Computools. Follow him on Twitter.

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