How Small Businesses Can Combat Common Cybersecurity Threats

Any business that utilizes information technology tools to capture and store data is prone to a data breach. Unfortunately, losing sensitive business data, including customer data, to the wrong people puts a business at risk of substantial financial losses and reputational damage. On average, American businesses lose about $200,000 to cyberattacks every year, as reported by CNBC. Therefore, businesses should take the necessary measures to protect themselves against cyberattacks. Here’s a look at common cyber threats and how to combat them.

3 Common Cyber Threats You Must Be Aware Of

Some of the common cyber security threats include:

1. Ransomware
   

   Ransomware involves a cybercriminal holding your system hostage and demanding a ransom to restore it. Due to its lucrativeness, ransomware is among the most common forms of cyber-attacks in the U.S. In fact, the Federal Bureau of Investigations (FBI) received over 3700 ransomware attack reports in 2021 alone. These attacks resulted in a staggering $50 million loss.

2. Insider Threats
   

   These are cyber-threats fueled by the actions of employees, former employees, or business associates, either maliciously or ignorantly. Insider threats are real, and they cause upwards of 40 percent of all data breaches.

3. Phishing Attacks
   

   These attacks involve cybercriminals extracting sensitive information from your employees through email tricks and scams. For instance, they can send malicious emails or links that look authentic to trick your employees into giving out information about themselves or the business.

Tips to Prepare Your Business for Cybersecurity Threats

It is evident that cyber threats are real and that they can quickly put you out of business. Therefore, protect your business by doing the following:

• Creating Cybersecurity Awareness - Everyone in your company should be aware of cybersecurity threats and how to avert them. So, you should sensitize your employees to such dangers and train them to keep the company network secure.

• Backing Up Your Data - While you can do a lot to prevent cyberattacks in your business, your company can only be partially immune to these threats. Unsurprisingly, even the most tech-savvy fortune 500 companies suffer severe cyberattacks. For this reason, always back up your data. This way, you will keep everything in case of a breach.

• Activating Multifactor Authentication on Your Digital Devices - Multifactor authentication makes it more difficult for a cybercriminal to access your system. This is because they will have more layers to pass through before accessing the network. Make it a requirement for your employees to use multifactor authentication for their logins. Also, advise them to use strong passwords and also update them regularly.

• Formulate Safety Policies - Cybersecurity policies will guide employees in handling the business network to prevent creating loopholes for attacks. For instance, employees should not log into company devices using public WIFI networks. You can also restrict access to specific devices to help curb cyberattacks.

Cover Your Small Business Against Cyber Attacks with Riverbend Insurance

Cybersecurity threats go up by the day. Hence, use these tips to prepare your business for any eventuality. Another good way to prepare your business is by purchasing the right cyber insurance coverage. To get the right cyber-liability insurance for your business, contact us today. Our team at Riverbend Insurance can help you find the right cybersecurity insurance for your business’s specific needs.