Small business cyber security

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Small business cyber security

Cyber related threats are experiences by both big and small organizations across the globe. According to a recent study, 22% of small companies have been the victims of cyber-related attacks. Some of the cybersecurity threats that befall firms in the contemporary world include phishing, ransomware, and crypto-jacking. Therefore, individuals and corporations need to protect their businesses from cyber-attacks, but the fact remains that some business owners are quite not sure how. However, to prevent cases of cybersecurity threats, individuals and organizations should create strict password policies, back up their data, run anti-virus software, and set-up email security.

In the recent past, cyber-attacks have been on the increase, and small businesses have been the target of these attacks. As a result of their scarce technological skills, these enterprises have become prone to hackers. Unlike big organizations that employ information technology experts to deal with cyber threats, the small businesses find it impossible due to limited funds to fund cyber technology (Selznick and Lamacchia 231). Another reason why small businesses are an easy target for cybersecurity is that there exist substantial differences in cybersecurity administration of large and small enterprises and especially in executive awareness, worker know-how and technological structure. For instance, small enterprises believe that they are free from cyber-related attacks because they have little or no asset worth stealing. Nonetheless, they have essential information, valuable to hackers such as intellectual property.

Examining the contemporary threats that both small and big business organizations face and the risks posed can give individuals insight on how to protect their businesses from cyber-attacks. There is a full range of cyber threats that companies face throughout the world. Due to advancements in technology, cases of phishing have tremendously increased in the business world (Phillips and Tanner 227). Traditionally, cases of phishing would easily be identified due to poor graphics. However, criminals have come up with more sophisticated methods to gather essential data through different social media platforms. For instance, they have formulated new ways of impersonating an executive to trick workers into giving personal information.

Small businesses have also been victims of ransomware, which involves encrypting a victim’s files. Attackers then demand a ransom from the victims to restore access to data upon payment. Additionally, small businesses are also targets of cryptojacking.  Cryptojacking involves the use of another individual’s device power to mine cryptocurrency. Offenders carry out the code by convincing the targets to tick on a malevolent link. Once the information is copied, the computer experiences reduced performance.

There exist significant impacts of data breaches in organizations. A study conducted by Ponemon shows that the average cost of a breach is US$3.86m. Therefore, violations have the potential for severe financial impact. The long-lasting effects of a breach include damage to electronic information. An attack can lead to loss and damage to electronic data stored in a computer in the organization (Cyberinsure One 5). For instance, a virus can render the sales records of an organization useless. Recreating them can prove to be time-consuming because it requires sifting through old invoices. Cyber-attacks on businesses also leads to loss of income and customers.  Attacks on a system can force the organization to shut down for a significant period. The closure compels the organization to lose both the income and the customers. The organization can also incur additional costs while seeking the services of an investigating agency in an attempt to recover the lost finances.

Small businesses are embracing different methods to prevent and respond to cases of cyber threats. Enterprises are actively involved in training their staff to identify and avoid risks while using the company network. Besides, they are adopting encryption technology, which makes it hard for unauthorized individuals to access data by scrambling its contents (Switchfast 8). Companies have also come up with strict password policies that require users to have stable or complex passwords. In response to cybersecurity threats, the US government has come up with strategies to regulate companies in the country. For instance, the Health Insurance Portability and Accountability Act (HIPAA) of 1996 (Fitzpatrick, Oliver and Minehardt 5). This policy relates to the majority of the establishments that deal with issues related to healthcare. The policy stipulates how medical information is to be stored, retrieved, and distributed. In some states such as California, organizations that handle data related to individuals living in the area are required to report to the relevant authorities in case there is a breach.

In conclusion, cyber-attacks can have adverse effects on businesses, employees and customers. Therefore, there is a dire need for the relevant authorities to up their game when it comes to protecting small businesses (Fitzpatrick, Oliver and Minehardt 6). The government should also invest in new innovations and encourage small businesses to embrace the new developments for the greater good of their businesses. For instance, the government can offer resources directly to small enterprises to protect themselves from cyber-attacks.  Moreover, the government should come up with stricter policies to deal with individuals found guilty of cyber-attacks. For instance, hefty fines and lengthy imprisonment can deter future offenders.

Works Cited

Cyberinsure One. “Cybersecurity Laws and Penalties.” CyberInsureOne (2020): 1-8.

Fitzpatrick, Kevin, Jan Oliver and Adam Minehardt. “SMALL BUSINESS CYBERSECURITY: FEDERAL RESOURCES AND COORDINATION.” Authenticated US Government Information (2017): 1-97.

Phillips, Rick and Brandon Tanner. “Breaking down silos between business continuity and cyber security.” Journal of Business Continuity & Emergency Planning (2018): 224–232.

Selznick, Loren F and Carolyn Lamacchia. “Cybersecurity Liability: How Technically Savvy Can We Expect Small Business Owners to Be?” Journal of Business & Technology Law (2018): 217-253.

Switchfast. “The Practical Guide to Small Business Cybersecurity.” Switchfast (2017): 1-14.

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Topic: Small Business Cybersecurity
Subject: English
Sources: 5 sources required
Style: MLA