Cyber Awareness Month:
Why SMBs Must Move Beyond Awareness to Action Now More Than Ever
Why SMBs Must Move Beyond Awareness to Action Now More Than Ever
Tag: cyber security
Publish Date
01/10/2024
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TL;DR
During Cyber Awareness Month, it’s essential for small and medium-sized businesses (SMBs) to move beyond awareness and take action against cyber threats. SMBs are increasingly targeted by hackers due to underinvestment in security and more open infrastructures. Larger organisations are now requiring suppliers to meet baseline security standards, like Cyber Essentials Plus. To protect themselves, SMBs should implement measures such as multi-factor authentication, managed backups, email security, password managers, and continuous employee training. Awareness is no longer enough—taking action is crucial for survival in today’s digital landscape.
Cyber Awareness Month:
Why SMBs Must Move Beyond Awareness to Action Now More Than Ever
October marks Cyber Awareness Month, an important opportunity to reflect on the ever-evolving cybersecurity landscape. For years, awareness campaigns have been crucial in educating individuals and businesses about cybersecurity—encouraging them to use strong passwords, avoid phishing scams, and protect sensitive data. While awareness provides a vital foundation, it’s no longer enough—especially for small and medium-sized businesses (SMBs). With cyber threats growing more sophisticated every day, SMBs must take urgent, tangible action.
Why Cybersecurity Threats Are More Urgent for SMBs
In the past, hackers primarily targeted large corporations, viewing them as high-value targets with vast stores of sensitive data. However, SMBs are now firmly in the crosshairs for several reasons:
- SMBs Are Seen as Easier Targets:
Many small businesses underinvest in cybersecurity, assuming they won’t be targeted due to their size. This assumption is not only false but dangerous. Hackers frequently see SMBs as low-hanging fruit, as they typically lack sophisticated defences. According to the 2022 Verizon Data Breach Investigations Report, 43% of cyberattacks are now aimed at small businesses, a figure that should concern any SMB leader. Criminals know SMBs are easier to breach, making them an appealing target. - SMBs Are Less Proactive:
Many SMBs fail to take the necessary preventative steps to secure their systems. Without dedicated IT teams or robust security policies, they tend to be reactive—addressing cybersecurity issues only after an attack has occurred. By that time, the damage is often extensive, both financially and reputationally. - Limited Investment in Cybersecurity:
Budget constraints mean SMBs typically allocate fewer resources to cybersecurity compared to larger businesses. For example, they may skip crucial investments such as regular security audits, staff training, or endpoint detection systems. This lack of investment leaves SMBs exposed to a wide range of cyberattacks, including ransomware, phishing, and malware infections. - Supply Chain Vulnerabilities:
SMBs often serve as suppliers or partners to larger organisations, making them attractive targets for attackers seeking to exploit weaknesses in the supply chain. If a hacker compromises a smaller company, they may be able to use that access to infiltrate the larger organisation it serves. To mitigate this risk, many large organisations now require their suppliers and partners to meet a base level of security. Initiatives such as the UK government’s Cyber Essentials Plus certification and the requirement for a minimum level of cyber insurance are becoming standard. - Human Error:
Despite awareness of common cyber risks like phishing emails, human error remains one of the top causes of data breaches. According to IBM’s “Cost of a Data Breach Report 2023,” 74% of breaches involve human elements, such as employees unknowingly clicking on phishing emails, reusing weak passwords, or downloading malicious attachments.
Moving from Awareness to Action: What SMBs Should Do
For SMBs, taking action isn’t just about survival—it’s about securing future growth. Moving beyond awareness means developing and implementing a comprehensive cybersecurity strategy. Here’s how SMBs can shift from knowing to doing:
- Conduct a Cybersecurity Audit:
Start by assessing the current state of your cybersecurity defences. This audit should evaluate your data storage practices, network security, employee training, and overall risk exposure. The results will help pinpoint areas for improvement and guide where to invest resources for the most impact. - Implement Multi-Factor Authentication (MFA):
MFA is a simple yet powerful tool that can significantly reduce the risk of unauthorised access. By requiring users to verify their identity through multiple methods—such as a password and a one-time code sent to their phone—MFA greatly improves the security of login processes. - Invest in Endpoint Security:
Every device connected to your company’s network is a potential entry point for attackers. Endpoint security solutions monitor and secure these devices, ensuring that all systems are regularly updated and protected from vulnerabilities. - Create and Test an Incident Response Plan:
No system is 100% secure, so it’s essential to have a plan in place for when—not if—a cyberattack occurs. An incident response plan outlines the steps to be taken in the event of a breach, ensuring that everyone knows their role in quickly containing the threat and minimising damage. Regularly test and update this plan to account for new types of attacks. - Provide Continuous Employee Training:
Regular training on the latest cybersecurity risks can help reduce human error. Employees should be well-versed in how to recognise phishing scams, use secure passwords, and follow safe data-handling practices. Frequent phishing simulations can help keep employees vigilant against evolving threats. - Invest in Layered Security:
A single security solution is no longer enough. SMBs need a multi-layered approach that includes ongoing managed backups, email security, and password managers, alongside firewalls and malware protection. These layers make it harder for attackers to penetrate and help SMBs quickly detect and respond to threats, significantly reducing the risk of a breach.
Conclusion: Action Is Imperative
It’s no longer enough to be aware of the risks—action is imperative. SMBs must adopt proactive cybersecurity measures to protect their businesses, customers, and reputations. With the right combination of investment, strategy, and ongoing employee engagement, SMBs can build the defences needed to thrive in an increasingly dangerous digital world.
This October, during Cyber Awareness Month, don’t just be aware. Take action—your business’s survival may depend on it.
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