One of the most common and costly mistakes that a small business owner can make is assuming that their business is too small or too obscure to be hit by a cyberattack. Statistics prove over and over that cyberattacks can affect businesses of any size, and that smaller companies are uniquely vulnerable to hackers and other digital assailants.

The good news is that many of the most common small business cyber threats can be mitigated through a proper combination of IT security and employee education. A good place to begin is by carefully reviewing some of the cyber threats that loom largest for small companies.

5 Common Cyber Threats That Small Businesses Face

1) Phishing

Phishing attacks can be defined simply. They involve online assailants who pretend to be trusted contacts, sending fraudulent emails or texts that entice you to click on a malicious link, download a malicious file, or take a specific action for their benefit. Phishing attacks are by far the most common type of cyber threat facing small businesses, accounting for about 9 out of 10 small business cybersecurity incidents.

How can you safeguard against phishing? Have a strong email security gateway, for starters. Encourage your employees to have strong usernames and passwords. Finally, train your employees on how to recognize a phishing attack and who they should notify immediately afterwards.

2) Malware

The term malware applies to malicious computer code, created by hackers, with the intention of accessing a network, destroying data, or stealing data. Malware can enter your company’s IT through many methods, though typically it’s through email or through employees perusing disreputable websites.

To avoid malware attacks, make sure you have strong cybersecurity measures in place to limit your employees’ ability to visit unsecured websites, or to download questionable files.

3) Ransomware

In a typical ransomware attack, a hacker will encrypt business data, making it inaccessible and unusable, thus bringing operations to a halt or threatening the exposure of confidential information. The hacker will then force the company to pay a huge sum of money just to get their data back or resume operations. This is a common and costly problem, and it can leave business owners feeling uniquely powerless.

Small businesses are uniquely vulnerable to this type of attack, and the average cost of ransom is more than $115,000-$2,000,000+. To minimize your risk, make sure you have a good cybersecurity program in place to prevent hackers from encrypting your data. A robust cloud back-up system can also be handy.

4) Bad passwords

A lot of cyber threats are made considerably more dangerous when your employees use weak passwords. About one out of five small business employees either use easy-to-guess passwords or share their passwords too freely – both of which can lead to cyber breaches.

It’s critical to educate employees on proper password hygiene and to us a password manager. Be sure to train your personnel on how to choose strong, 100% unique, and secure passwords, and enable them to use a password manager to store login credentials securely.

5) Insider threats

Finally, be aware that cyberattacks don’t always come from the outside. Sometimes they come from bad actors inside your business or from disgruntled former employees.

First, make sure to build a culture of robust cybersecurity awareness. Second, have a detailed offboarding process for all personnel who have access to company data and applications.  Finally, train employees on this offboarding process and verify it is properly followed.

Seek an IT Security Consultation from BlueArmor

These cyber threats are common, but with the right IT security program, you can minimize your risk. A good starting point is to simply seek a consultation from a trusted cybersecurity team. Start that process today by reaching out to BlueArmor, a leading cybersecurity provider in Charlotte, NC.