Small and medium-sized enterprises (SMEs) are becoming prime targets for cybercriminals. Gradually, entrepreneurs are understanding the importance of protecting their most valuable assets, usually sensitive data, against malicious criminals. In this guide, we will explore why this topic is essential for SMEs, and offer practical knowledge to help improve your company’s defenses against cyberattacks.
Increasing threats to SMEs
Recently, cybercriminals are increasingly targeting SMEs due to their greater vulnerability compared to large companies and the valuable data they store. According to a recent study by the Civil Guard in Spain, SMEs are the target of 70% of attacks conducted 1, highlighting the urgent need for strong cybersecurity measures for this business segment. The risks these companies face are diverse and constantly evolving, including phishing scams, ransomware attacks, data breaches, and various types of internal threats such as disgruntled employees.
The impact of a security breach
Security breaches can have fatal consequences for an SME. Typically, the impact is associated with financial losses and service interruptions, as well as legal liabilities and damage to their reputation.
The problem is that, unfortunately, many companies in this segment never recover from a cyberattack. The costs incurred during the attack are very significant and, therefore, end up having to be reflected in the price of their products and services, making the company uncompetitive. Additionally, the loss of customer trust and brand reputation can be difficult to recover, thus affecting the company’s growth and sustainability in the long term.
Keys to improving cybersecurity
If you are concerned about your company’s cybersecurity, there are several steps you can take to improve it, commonly known in the sector as improving your “cybersecurity posture”.
1. Security awareness
Both entrepreneurs and employees must be aware of security, stay informed about the latest threats, and understand best practices to protect themselves.
Human error is one of the main causes of security incidents. Without ongoing training and awareness, you will encounter problems sooner or later.
2. Defense in depth
We would all like to have a silver bullet that solves all cybersecurity risks in one go, regardless of their nature. Unfortunately, and as is usually the case, this is not realistic.
The best practice in this regard is to adopt an approach where multiple cybersecurity barriers complement each other to address any cyberthreat. We can talk about firewalls, antimalware systems, backup technologies, data encryption, etc. By layering different defenses, it is much more likely that an incident will be blocked, if not in one layer, then in one of the subsequent ones.
In this sense, the most important thing is to know our business well and the risks that may affect us, the existing security mechanisms, and from there prioritize to optimize the cost-effectiveness ratio.
3. System updates
Criminals commonly use vulnerabilities in outdated and unsupported software to gain unauthorized access to your company’s systems. That is why it is vital to update and install existing security patches.
Modern operating systems allow you to automate the installation process. If you work in environments that require older operating systems, you should take measures to isolate those systems from the rest of the network.
4. Backups
We have lost count of how many entrepreneurs have contacted us throughout our careers due to significant data losses in their business. We have encountered all kinds of cases.
In some, the situation could be resolved, for example, by applying data recovery techniques by our technical team. In another curious case, a technician from the affected company had a backup on his personal computer. Interestingly, the company was saved by a situation that, despite not being malicious, should be considered another security breach in itself: corporate data should never have ended up on an employee’s personal computer. In other cases, the situation ended in irrecoverable scenarios and with tears in between.
It goes without saying that it is absolutely essential to implement a solid backup and data recovery strategy to protect, at a minimum, critical business data against loss or corruption in the event of a cyberattack or system failure. The data should be stored securely and regularly tested to ensure it can be correctly recovered.
Remember that backups are vital, but they do not protect against attacks where the criminal has managed to steal the information and extorts the company in exchange for not publishing the data on the Internet, such as double extortion executed by ransomware groups.
Conclusion
If you think that cybersecurity is only a concern for large companies, you are very wrong. SMEs must understand and prioritize the necessary cybersecurity measures to protect themselves and ensure business continuity. Cybersecurity should not be considered an expense, but an investment in measures that not only protect and ensure the continuity of your business, but also position you as a secure company, allowing you to gain a good reputation among suppliers and customers alike.
Learn more about how we can help protect your business. Contact us today if you have any questions! Additionally, you can follow us on our social media to stay updated on the latest cybersecurity trends.
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