I am confident that you will agree with me on the fact that the past 2 years of remote and hybrid working has significantly accelerated digital transformation for most small and medium businesses. Right? Right.
But there is one more thing I am confident you will agree with me too – all these implementation of such advancing technologies has also potentially created many potential security risks! Because here’s the thing: the cybersecurity landscape is constantly changing, therefore it is of utmost importance that all small and medium businesses invest in protecting their IT systems from cybercriminals!
And yet, while doing so, it is also common for SMBs to have questions about cybersecurity and what they can do to protect their businesses.
So what are the 7 frequently asked questions about cybersecurity specifically in SMBs?
#1: What are the most common forms of cyberattack?
The 2 most common forms of cyberattack are: phishing, and malware.
Phishing is where a cybercriminal contacts a target by email, telephone or SMS posing as a legitimate individual, or business to deceive the victim into clicking a malicious link or providing sensitive information, such as passwords or payment card information.
Malware is any software that is intentionally designed to cause damage to a computer, server, or network. This includes viruses, ransomware and trojan horses. Malware is often distributed through malicious emails, websites, and advertising.
Q2: What types of businesses are most like to be targeted by cybercriminals?
All businesses are at risk of falling victim to a cyberattack. In the past, it was more common for larger businesses to be targeted. However, it has become increasingly common for cybercriminals to target smaller businesses with ransomware as they typically are easier targets with weaker security.
Q3: What is the average cost of a cyberattack?
In 2021, the median monetary cost of a cyberattack was S$14,500, with the most expensive cyberattack costing S$27 million. It is important to note that the monetary cost is often not as damaging as the loss of reputation and downtime associated with many cyberattacks.
Q4: What are the top SMB cybersecurity mistakes?
The most common mistake that SMBs make when considering cybersecurity is thinking that it won’t happen to them. Regardless of the size of industry a business operates in, they can be the target of a sophisticated cyberattack.
Many of these attacks can be prevented with relatively simple measures, and a comprehensive cybersecurity solution will stop most attacks in their tracks.
Q5: What should be an SMBs top cybersecurity priorities?
The top priority for all SMBs should be to ensure they have enabled multi-factor authentication on their Microsoft 365 account. This simple action will prevent 99.9% of all account compromise attacks. After this is enabled, businesses should secure their email system, as it is the most common attack vector.
After their email system is secured, it is important to implement a backup and disaster recovery solution, so if a business does fall victim to a cyberattack, the downtime will be limited. A comprehensive cybersecurity solution should address all these priorities and more.
Q6: What should an SMB look for in a cybersecurity solution?
When SMBs are searching for the right cybersecurity solution, it is important to ensure that the solution provider covers all areas of the cybersecurity landscape. This includes endpoint protection, email protection, network protection, backup and disaster recovery.
Having comprehensive cybersecurity solution will significantly decrease the chance of an attack.
Q7: How much will a cybersecurity solution cost?
It is difficult to know how much a cybersecurity solution will cost without understanding the needs of a particular SMB. On average, businesses spend 10% of their IT budget on cybersecurity, however, it is important for businesses to consider the potential losses associated with a cyberattack, and factor this number into the equation when deciding how much to spend on a cybersecurity solution.