Why SMEs Shouldn’t Wait for Trouble With Their Cybersecurity

Small and medium-sized enterprises (SMEs) are the target of cyber attacks more frequently than you
might think. SMEs are seen by scammers and hackers as easier targets than larger businesses,
as there is a (not unreasonable) assume on that they have fewer resources to invest in cyber
security.

Additionally, with smaller staff numbers, there’s a higher chance that there’s nobody on the team
who has an in-depth awareness of cyber threats.

These are all reasons to take your business’s online security seriously. Cyber crime can have a
devastating impact on a business, leading to financial losses, data breaches, reputational damage,
and down me.

According to IBM, “UK organization’s pay an average of £3.4m for data breach incidents”, so this is not
an insignificant problem. Some companies simply would not be able to recover from that kind of
financial hit.

So being proactive (preventing an attack) rather than reactive (dealing with an attack when it
happens) is particularly important for SMEs.

It is always worth remembering too, that the threat of cyberattacks is constantly evolving. Hackers
are always developing new ways to attack digital targets so businesses need to be constantly vigilant
and proactive in their cyber security efforts.

The benefits of a proactive cyber security approach

The key benefit of being proactive with regard to your cyber security is that it will help to prevent
cyberattacks from happening, saving you a significant amount of money and stress.
It can also mean that, if you are unlucky enough to be attacked, you will be in a better position to
respond.

What are the biggest cyber security threats to SMEs?

Scammers and hackers are getting ever more creative with their methods of attack, however there
are some themes in the ways that SMEs, are most vulnerable to cyber crime. Five of the top ways
SMEs can be targeted by online attackers include:

• Password security: It’s known to be one of the basic forms of protecting yourself online, but
  Cyber News reports that 123456 is still the most common password in 2023. Follow
  password security best practices and consider investing in password management software
  for your team.
• Phishing scams: Astra reports that “Phishing scams account for nearly 22 percent of all data
  breaches” so train your staff to never be complacent about clicking a link in an email that
  purports to be somebody trusted.
• Human error: If your team carries laptops around with them, use post. It notes to remind
  themselves of their passwords, or use their own phones for work, complacent behaviour can
  lead to inadvertent security breaches that can be significantly improved by proactive staff
  training.
• Malware: Hidden, harmful code, such as viruses and trojan horses, is designed to steal or
  corrupt your data and can cause havoc within an SME.
• Ransomware: Known amongst scammers to be lucrative, ransomware attacks seize your
  digital assets and refuse to give you access to your data again (or threaten to release your
  data publicly) until you pay them huge amounts of money.
  

How to be proactive with your online security

A great place to start is with a digital security risk assessment. This will help you to identify what you
are doing well and where you need to improve. If you understand where your weak points are, you
will know what to work on and where to educate your staff.

Training and certifications like Cyber Essentials can help you to thoroughly understand where to aim
your efforts and put cyber security policies and procedures in place. These should cover topics such
as password management, data security, and how to respond when your online security is
compromised.

Outsourcing your IT to dedicated professionals at a Managed IT Services provider can also be a great
answer, as they should always be on top of the latest threats and best practices to keep your systems
safe against common cyber threats, such as phishing scams and malware attacks.