Cyber Security

What are the issues we face with Cyber Security?

Small and medium-sized businesses (SMBs) are increasingly becoming targets of cyber attacks – 73% of SMBs were targeted by cyberattacks in 2023​ (SecureWorld)​.. Businesses often lack the resources and expertise to implement strong cybersecurity measures, making them vulnerable to various cyber threats. Some common issues experienced by SMBs with cyber attacks include:

Financial Loss: Cyber attacks can result in significant financial loss for SMBs. This can include theft of money or assets, loss of revenue due to downtime or disrupted operations, and the cost of restoring systems and data. The average cost of a data breach for an SMB was approximately $3.31 million USD in 2023 (business,com)​

Data Breaches: Cyber attacks can also result in the theft or compromise of sensitive data, such as customer information, financial records, or intellectual property. This can damage the company’s reputation and result in legal or regulatory penalties.

Operational Disruption: Cyber attacks can disrupt business operations, leading to downtime, loss of productivity, and missed deadlines. This can impact customer satisfaction and cause reputational damage.

Lack of Resources: SMBs often have limited resources to devote to cybersecurity, including dedicated staff, training, and technology. This can make it difficult to implement effective cybersecurity measures.

Lack of Awareness: Employees in SMBs may not be aware of cybersecurity risks and best practices. This can make them more susceptible to phishing attacks, malware infections, and other cyber threats. Despite the high risks, only 14% of SMBs have a cybersecurity plan in place​ (Astra Security)​.

How do you mitigate the risks of Cyber Attacks?

There are several steps that you can take to mitigate the risk of cyber attacks. These include:

Employee Training: Provide regular cybersecurity training to employees to educate them about the risks of cyber attacks, how to identify potential threats, and best practices for securing company data and systems.

Strong Passwords: Implement password policies that require strong, unique passwords and multi-factor authentication to protect against unauthorised access.

Security Software: Install and regularly update anti-virus, anti-malware, and other security software to protect against known and emerging threats.

Regular Backups: Regularly backup important data and systems to protect against data loss in the event of a cyber attack.

Network Security: Implement firewalls, intrusion detection and prevention systems, and other network security measures to monitor and block unauthorized access.

Access Controls: Implement access controls to limit access to sensitive data and systems to only authorised personnel.

Regular Security Audits: Conduct regular security audits to identify potential vulnerabilities and address them before they can be exploited by cyber criminals.

By implementing these steps, you can significantly reduce the risk of cyber attacks and protect systems, data, and your business reputation. It’s important to remember that cybersecurity is an ongoing process and requires ongoing attention and investment to stay ahead of evolving threats.

Contact Capella today to discuss your cybersecurity position, threats and how to mitigate them.