Small Business Continues to be a Primary Target for Hackers
According to the American insurance Group AIG, which conducted a survey of 25,000 small businesses and SMEs, ransomware has now topped the list of claims from its customers with a 47% increase in the severity of attacks; some ransoms can even go up to several tens of millions of dollars.
Still, many small businesses find it tempting to cut costs on security. However, this can spell disaster, especially when you consider that 60% of small businesses go bust within six months of getting hacked. Small businesses must learn a stern lesson: failing to prepare is preparing to fail.
How to Strengthen Your Defenses
To stand the best chance of fighting cyber criminals, first and foremost, regularly backup all critical data. Should a ransomware attack occur, backups will minimize the damage, saving time and money. In turn, encrypting communications will help prevent third-parties from intercepting important data.
Next, for those using Microsoft, pay attention to Patch Tuesday, Microsoft's monthly release of security fixes for the Windows operating system (OS) and other software. Out-of-date software quickly becomes riddled with vulnerabilities, which is why Microsoft users are advised to download and patch their systems from the official website.
Constant vigilance is vital. Effective cybersecurity employee education programs that combat fear fatigue elevate cybersecurity as a strategic priority, ensuring vigilance; 88% of cyberattacks stem from employee errors, so work with them to help sharpen threat awareness.