Myth: hackers only go after big companies.
While this might sound like a familiar story, the truth is small to medium-sized businesses (SMBs) are just as vulnerable, if not more. So why do most SMBs underestimate their risk and think they’re immune to cyberthreats?
The answer is simple – small businesses don’t make the news when disaster strikes. In reality, they’re the easiest and most profitable targets for cyber criminals, offering weaker defences, quicker payouts, and access to bigger supply chains.
Today we’re unpacking why SMBs are a target, the impact of a cyber attack, proactive steps you can take to build your defences, and how Lateral Plains has cyber security for small businesses sorted. Want to strengthen your security and simplify the process with our help? Let’s get started.
Why SMBs Are on the Radar
· SMBs don’t have the cyber security resources oflarge companies, from their budget to a dedicated team of experts. This leadsto weaker defences and security gaps that cyber criminals are ready to exploit.
· Hackers are leveraging automation to launchattacks, using bots to scan the internet for vulnerabilities. When these toolsidentify weaknesses, they don’t discriminate.
· Stolen data benefits cyber criminals, no matter where it’s from. Even a single client list or login credential is valuable, with the potential to be sold or used to launch future attacks.
· Hackers know SMBs can’t afford downtime. This makes them a target for ransomware attacks, because they’re more likely to pay up so they can get back to work. Remember – you can’t trust cyber criminals, so paying the ransom doesn’t guarantee you’ll get access to your systems or data.
The Real Impact of a Breach
So, what’s the impact when a cyber attack hits? Without the right security measures, you could be looking at:
· Financial loss: The average cost of a cyber attack is on the rise. In the last financial year, the cost of an attack for small businesses rose14% to $56,600. For medium businesses, it rose 55% to $97,200.
· Downtime: Your operations can come to a standstill, services are impacted, and customers are frustrated.
· Reputational damage: This compromises client trust and loyalty, sees existing customers considering alternatives, and stops potential clients from choosing your business in future. In other words, the effects are long term and can seriously undermine business growth – especially in regional communities where word of mouth has more sway.
Even worse? Most breaches are caused by preventable issues, like weak passwords, not turning on multi-factor authentication, and poor backups. This is proof prioritising cyber security and putting the work in now can save your business from major setbacks, or even having to shut up shop in future. With the cost of cyber attacks rising, paying for preventative measures today is also much cheaper than paying for the consequences later.
SMB Cyber Security: What You Can Do Today
The good news is you can take proactive steps now to safeguard your business operations, data, and customer relationships. Our expert advice?
1. Adopt the Essential Eight framework
Developed by the federal government’s Australian Signals Directorate, this framework includes eight mitigation strategies that provide a baseline to strengthen your cyber security. This includes:
o Patching applications
o Patching operating systems
o Implementing multi-factor authentication
o Restricting administrative privileges
o Application control
o Restricting Microsoft Office macros
o User application hardening
o Regular backups
Once implemented, you benefit from preventative, layered defences that reduce the risk of cyber attacks. This includes common threats like phishing scams, malware, ransomware, and data breaches.
2. Educate your team
Human error contributes to 90% of cyberattacks. If your team doesn’t know what to do or look for, making the wrong decision (like clicking on a malicious link in a phishing email) is easy. When they’re informed, they can spot threats, implement best practices, and help to strengthen your online defences.
While this might seem like a big initiative to take on, a Security Awareness Training program makes it simple. Your team gets regular lessons delivered online that focus on current threats, their knowledge is tested with interactive quizzes, and they’re sent simulated phishing email campaigns so you can spot who needs more help.
This training can reduce the risk of human error by a massive 70%, so it's not something you should put on the back burner. If you want more information, find it here or get in touch for a chat.
3. Review backups and test recovery
The first step is backing up your data regularly; the second step is making sure these backups are consistently tested. This lets you support reliable, fast recovery and business continuity when disaster strikes – including ransomware attacks. You’ll safeguard your information against data loss, reduce downtime, and support client trust.
4. Work with a local managed IT provider
These steps can seem overwhelming, but with the right help they don’t have to be. This is where a local managed IT provider (like Lateral Plains) can help. Instead of navigating cyber security alone, you get a dedicated partner that brings the right knowledge and tools to the table. This includes delivering ongoing protection through monitoring and management, so you get peace of mind and can focus on your business.
Expert Support to Help You Get Started
At Lateral Plains, we’re proud to be cyber security leaders in Ballarat and Western Victoria. We’ve been part of the community providing leading tech for over 30 years, and we’re still passionate about helping local businesses succeed with the help of leading IT solutions.
If you want to grow your defences, our cost-effective cyber security bundles bring together advanced tools, expertise, and ongoing support so you can protect your business and grow with confidence. Keen to learn more? Get the full details on our cyber security for small businesses.