Busting Small Business Cyber Security Myths

Large scale businesses are almost always up-to-date with the best practices in cybersecurity. They take adequate measures in protecting their data against hackers and an assortment of cybercriminals. It makes sense. Given their size and customer base, they have plenty to lose.

It’s a different story for small to medium-sized businesses (SMBs). Many have yet to catch up. There are myths downplaying the importance of cybersecurity and they are getting in the way. Below, we will bust these myths with hard truths and solutions on how to address each issue.

Myth #1 – Cybercriminals don’t target small businesses

Fact: Everyone is fair play for cybercriminals. No business, regardless of its size, is safe from security breaches. In fact, small businesses are easier targets. They often lack the budget to implement a security system, making them attractive prey. And it doesn’t help that they constantly deny the need for one.

Hiscox released a Cyber Readiness Report in 2018 to highlight the preparedness of UK businesses against cyber threats. Based on their findings, 78% of SMBs with less than 250 employees fall short on cybersecurity readiness.

Solution: The threat to small businesses far from being imagined. It’s time for business owners to own up to this reality, rather than continue to risk the safety of their data.

Myth #2 – Employees are capable of handling cyber threats on their own

Fact: Leaving the security of your business to its employees is a terrible idea. Many of them lack the knowledge and training for best practices in cybersecurity. A lack of know-how makes them the biggest threat to your security, and you don’t even know it.

According to Ultima, 65% of companies don’t have cybersecurity measures for their mobile devices. Their surveys also revealed that 68% of businesses don’t have awareness programs on cybersecurity. Cybercriminals can easily take advantage of these security holes.

Solution: Small businesses should invest in cybersecurity solutions and train employees on their proper use. Employees must likewise be kept abreast with the latest strategies and threats to cybersecurity.

Myth #3 – You can always recover from a cybersecurity breach

Fact: Most businesses that suffer data losses never recover. Studies conducted by Diffusion show that 60% of small businesses shut down within 6 months of data loss. Within 2 years, this number increases to 72% which means that only 28% of affected businesses have a shot at recovery.

With less than half of small businesses backing up their data on a weekly basis, a security breach is a serious threat. Data loss can lead to your business site’s downtime and significant losses in sales and income. However, the biggest blow will be on your reputation as customers lose trust in your brand.

Solution: When it comes to possible data loss, preparedness is the best approach. It is advised to regularly perform data backups so you can easily recover from a breach. You should also set up a step-by-step continuity plan for your business so you’ll know what to do in the event of data loss.