Small Business Cybersecurity myths and mistakes can destroy a business. Phishing attempts, Potentially Unwanted Programs, and Malware do not differentiate between a small business and a large enterprise. Once infected, a business is at risk – regardless of size.

Understanding Cybersecurity Myths

The risks posed by cyber attacks are impossible to overlook. From recent attacks on pipelines, to breaches at the US Justice Department, cybersecurity is splayed across the news. Yet, the media rarely focuses on small businesses decimated by a cyber attack. The focus is always on the big names.Risks Myths Cybersecurity

That’s why it’s critical for small business owners to take action when it comes to cyber risk. It’s critical to take a proactive approach when considering cybersecurity – because attackers don’t care how big your business is. To them, revenue is revenue.

While it may seem daunting, proactively planning for an attack actually prevents the fallout from a worst-case scenario.

That’s why we’ve put together a list of reasons why small business owners frequently overlook cybersecurity.

Myth: My Business is too Small to Interest Attackers

There’s a perception amongst small business owners that their business won’t interest cyber attackers.

Unfortunately, this is false.

Cyber attackers, especially in recent years, have grown interest in any target. In fact, 28% of data breaches in 2020 involved small businesses.

Why? Because small businesses rely on valuable data repositories. Data = potential revenue.

With many small businesses adopting cloud-based services, and others delaying software updates, cyberattacks depend on small businesses who take minimum security precautions. The most compromised data is user credentials; meaning users accidentally give up their credentials in phishing schemes.

Attackers know that small businesses are an easy target because they are running on tight timelines, with tight budgets. That means they often are prone to phishing attacks or weaknesses related to out-of-date software.

Myth: It’s Easier for Small Businesses to Recover from a Cyber Attack

There’s a misconception that a small business can easily recover from a cyber attack. Afterall, they have fewer computers running and fewer applications to restore.

The scale of the recovery effort is not equivalent to the likelihood of business recovery. 65% of small businesses frequently fail after a cyber attack. There’s many reasons for that. Among the most prevalent: the cost of losing data.

When a small business doesn’t have the backups in place to restore their business to the point of the attack, they often can’t recover their critical contacts, accounts receivable, and operational data. That means these small businesses fall short of their revenue goals, then can’t afford to start over.

Larger businesses may have deeper pockets, meaning they can afford the cost of recovery.

Myth: Small Businesses must Conquer Cybersecurity on their Own

Small business owners often ‘go at it alone’. In part, this is a cost driven decision. In part, this is a focus on operations. Meaning: the business owner’s knowledge of cybersecurity may be minimal.

It’s hard to feel supported in a business environment where the threat of cyber attack seems big, vague and remote. But when an attack strikes a small business, owners often feel shame. “I should have known better!” is a common sentiment, but in reality, should they?

Reality: A Managed Service Provider can Help

Small business owners can take solace in finding a cybersecurity service provider. This third party service can manage the digital security of an organization for a fractional cost. When compared to the cost of losing a business, it really is fractional.

A managed service provider (MSP) can play a critical role in a small business owner’s life. Not only will the MSP provide tools for protection, they can play an important role in educating small business owners and their staff. By indicating what to look out for in phishing attempts, potentially unwanted programs, and malware, cybersecurity education can be a game changer for small businesses.

Cybersecurity Solutions for Small Business Owners

An MSP can educate a small business about what to look for and what to avoid. They can also educate small businesses on when they should contact their service provider, and set expectations on what a small business should hear from their MSP.

Bottom line: an MSP exists to cover their’ clients. Small businesses can rest assured that the MSP has their back.

At CYDEF, we work with an array of Managed Service Providers around the globe. If you’re looking for an IT Service Provider that can support your small business, get in touch!