Unfortunately, these adjustments have come with increased risks. According to a 2022 report from Barracuda, a cloud and networks security company, small businesses with fewer than 100 employees receive 350% more social engineering attacks — like phishing, scamming or email compromise — than larger businesses.
Compared with larger companies, many small businesses have fewer resources to dedicate to cybersecurity, leaving them vulnerable to the ever-evolving tactics of cybercriminals. And dealing with the consequences of a cyberattack can be seriously detrimental to a business’s bottom line, costing approximately $25,000 per year.
Learn how to protect your small business from cyberattacks with these four tips.
1. EVALUATE YOUR ONLINE SYSTEMS
Before you can effectively protect your business from cyber threats, you should have a complete understanding of your current ecosystem of online computer operations. You can ask: “What do we do on any machine that’s connected to the internet whatsoever?” says Andrew Lipton, vice president, head of cyber claims at AmTrust Financial Services, a small-business insurance company.
Business owners should understand where their data lives and classify what types of data they store — for example, names, addresses, Social Security numbers.
Lipton suggests reaching out to a legal expert, especially if you’re handling sensitive information like Social Security or credit card numbers, to get a better understanding of the consequences of a data breach and get a professional opinion on how to protect your data.
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