Cyber attacks and security threats are even more rampant these days, especially since so many businesses have gone digital. Businesses, no matter how big or small, should enact measures that protect their data as well as sensitive customer information from security breaches from their system. As a small business owner, learning about these types of security threats will allow you to identify ways for you to protect your business. When you understand how these security threats come about, you can create risk mitigation and the best security programs to prevent them from happening in the first place.
Here are a few of the biggest security threats that confront your small business.
A body of research shows that over 50 percent of startups and small businesses go through a cyber attack each year. Over 60 percent of these vulnerable organizations close down their business within the next half a year. These numbers show that not implementing extensive cybersecurity measures is no longer advisable. Essentially, businesses need to be prepared to invest in technology and personnel that can strengthen their setup.
These days, many business owners are under the belief that they could not possibly be targets for security threats. Because of this, so many companies are more likely to ignore or misunderstand particular types of threats. Targeted cyber attacks, or those attacks on business data that are conducted by bored teens or global organized crime groups, are external risks that can take out data over an extended span of time. As an example, phishing attacks which are complex threats that can lead to a loss of business. Companies should implement action plans that would provide their system with better security against such cyber attacks.
Data breaches including calculated leaks from disgruntled employees to errors like misplaced laptops are internal risks due to the fact the threat arises from within the company. Businesses need to execute policies that will make their employees understand the correct data security protocol to avoid these types of breaches from occurring. Even though it is necessary to strengthen internal procedures and teams, professional security services may also be able to help lower risks.
According to a new study, a significant chunk of actual data breaches was the product of taking advantage of weak, stolen, or default passwords. This lends credence to the fact that most businesses these days are still employing single factor authentication. Companies hesitate to enable multi-factor authentication because they believe that this would negatively impact user experience. Nevertheless, even ordinary Internet users are increasingly becoming aware of the risks of stolen identities and vulnerable information. Industry professionals expect that this awareness will influence more organizations to opt for multi-factor authentication processes.
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