What are the impacts of cyberattacks on smaller businesses?

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Cyberattacks can be insidious in that they can infiltrate a device or network, compromising data and affecting companies of every size. The main impacts of cyberattacks include:

  • Stealing customer data
  • Stealing company data
  • Financial impacts through compromised banking data, the cost of fixing any attacks and loss of business
  • Reputation damage, leading to customers losing trust in the company
  • Damage to company operations
  • Business foreclosure

SMB cybersecurity solutions

Cybersecurity is particularly important for small and medium enterprises needing more resources for large-scale protection. Thankfully, there are ways of staying safe online that even the smallest companies can implement. Remember, adding security to prevent an attack is far simpler than recovering from a major attack where you have no protection. 

Below are our top SME cybersecurity solutions:

  • Shield your business against malware: Use legitimate antivirus protection and cybersecurity software, only download apps and software from companies you trust, and consider installing a firewall.
  • Back up company data: Ensure you have a separate backup of all company data in case a cybersecurity hack causes you to lose sensitive data.
  • Protect your data: Use unique, complex passwords on all devices, set up two-factor authentication and install a password manager to keep track of your passwords.
  • Protect any smartphones or tablets: Set up access passwords, ensure you can track, wipe or lock any lost devices, apply regular updates and only connect to trusted Wi-Fi networks when you’re out of the office.
  • Be vigilant for phishing emails and calls: Train employees on avoiding scams and phishing attacks, never click links from illegitimate sources, and always report any phishing emails or calls.

Are cybersecurity solutions expensive?

Many small companies are hesitant to implement business cybersecurity solutions as they’re concerned about the cost. However, it’s possible to protect your business without breaking the bank. 

ESET offers customisable business cybersecurity products to suit your requirements. In fact, our small and medium business security software starts from less than £200 a year, depending on the level of protection you need.

Another way to protect your business is investing in ESET cybersecurity training for employees. This training can lower costs as employees learn how to stay safe online and outside the office. This will help to prevent many security threats, which can be costly.

The cost of cybersecurity protection for your business will vary depending on:

  • The size of your company: The bigger your company is, the greater the cost
  • The number of services and products sold: The more services or products sold by your business, the greater the price of protection
  • The sensitivity of company data: More sensitive data requires higher security measures to be put in place, increasing the cost of cybersecurity
  • The number of devices/computers to protect: The more devices and computers that are used outside of the office, the higher the cybersecurity costs to cover these

Further cybersecurity advice for small businesses

If you’d like to learn more about how to protect your small business, our digital security guide is bursting with up-to-date advice and tips covering topics such as ransomware trends and brute force attacks.

Our ESET corporate blog also includes regular posts on current threats and news on cybersecurity. We’d always recommend installing digital security software on all company devices to give you the best chance of avoiding cyber attacks. Remember to choose software from a company you can trust with continuous updates to tackle continuously evolving security threats.

Cybersecurity checklist for small business

The best way to protect your small business is to put comprehensive cybersecurity solutions in place sooner rather than later. Use the below cybersecurity checklist for your small business:

  • Carry out a risk assessment to determine where your company is vulnerable to threats and find solutions
  • Train your employees to ensure they are aware of threats, know what to look out for and how to stay safe
  • Have good security policies in place so all employees understand their responsibilities
  • Periodically back up your data files
  • Use unique, secure passwords and install a password manager to keep these secure
  • Install antivirus software and apply regular updates
  • Ensure your Wi-Fi network is secure
  • Only allow certain employees access to sensitive/confidential data
  • Install a firewall
  • Ensure sensitive data is encrypted and secure
  • Use trackers to keep tabs on company devices and laptops; you can also set up a remote wiping option to protect data