Why Small Businesses Need Cybersecurity

Why - Blog

Small businesses need cybersecurity to protect customer information and critical assets. The Australian small- and medium-sized enterprise (SME) comprise at least 2.3 million businesses, accounting for approximately a third of the country’s GDP. 

However, a survey carried out by the Australian Cyber Security Sector revealed that small businesses are among the most affected by adverse cyber incidents.  The study results indicated that a large proportion of small companies are unable to meet recommended cybersecurity standards, leaving them exposed to numerous threats and risks.

For instance, one interesting finding was that many SMEs know they may be exposed to certain risks but lack comprehending the underlying vulnerabilities causing the risks. 

This represents a significant barrier to strengthening cybersecurity because, without a realistic understanding of the risks they are exposed to, it is unlikely they’ll make informed decisions to address the challenges.

Many other challenges prevent small businesses from achieving effective cybersecurity postures. Despite this, protecting customer and employee data is mandatory in compliance with compulsory data protection regulations. 

Small enterprises require robust cybersecurity programs to address risks to their IT infrastructures and information.

The following reasons describe why we need cybersecurity:

1. Inadequate Resources

Maintaining a well-equipped cybersecurity in-house staff requires a significant investment. Information security experts are rare or expensive to hire, while cybersecurity tools continue evolving due to emerging threats, thus needing to be replaced often. 

At the very least, it is untenable to commit the required resources, which is why small businesses need cybersecurity programs capable of deterring present threats. Fortunately, managed service providers offer excellent cybersecurity services at a fraction of the costs required to invest in in-house cybersecurity. 

Small enterprises can access 24/7 threat hunting monitoring services, risk assessments and audits, compliance tracking, and many other services. Managed service providers assist small businesses to implement the required cybersecurity controls and measures to realise a robust defence.

2. Protecting The Business

The primary aim of any start-up is to expand in size and operations to penetrate new markets. However, with insufficient cybersecurity programs, it is nearly impossible to grow a small business. 

A cyber-attack in Australia is costly for small businesses, where 40% of cybercrimes cost enterprises between $1,000 and $5,000. Financial implications may increase if an attack impacts personal information or damages critical IT assets. 

Small businesses need cybersecurity programs to protect themselves from attacks. Data breaches can potentially cripple a company financially. By enhancing cybersecurity defences, small businesses can identify and manage security risks. Cybersecurity is critical in protecting an organisation since it is a crucial component of meeting business goals.

3. An Increasing Need for Working Solutions

The main cybersecurity challenge common among all business sizes is that malware and information threats evolve within a short period. Cyber adversaries keep developing new threats to match the increasing protection complexities applied in modern information security programs. 

However, some attacks still slip through even the most advanced cybersecurity programs. For these reasons, cybersecurity is important in 2021. 

Small enterprises need to proactively understand how to protect themselves from developing threats by observing industry-standard cybersecurity measures. It is essential to adjust their cybersecurity posture in relation to emerging threats to ensure adequate protection.

4. Complying With Regulations

The 21st century has witnessed the enactment of numerous data protection regulations the world over. They are pertinent since digital innovations have caused businesses to embrace various technologies that capture, store, and process personal information. 

Failing to comply with the regulations has adverse implications, among them being hefty fines, lost business opportunities due to lack of compliance, exposure to multiple security threats, among others. The Privacy Act 1988 (Privacy Act) is an example of one of the mandatory regulations in Australia. 

Small businesses who need cybersecurity programs to demonstrate compliance with such laws. Showing compliance opens up business opportunities as it reassures customers and partners that small businesses can meet the recommended cybersecurity levels.

Best Cybersecurity Practices for Small Businesses

1.  Document cybersecurity policies: Documenting cybersecurity policies, such as BYOD, can enable small businesses to achieve a certain level of cybersecurity posture. They describe the best practices for end-users accessing critical information and IT assets.

2.  Training and awareness: Educating employees regarding necessary security skills and how to identify phishing emails can assist small businesses to prevent cybersecurity attacks.

3.  Data backups: Sometimes, the implemented cybersecurity measures are not enough to stop an attack. Regular data backups can help small businesses losing their data if they become victims of a data breach.

4.  Antivirus systems: Antivirus and antimalware tools ensure timely detection of malicious programs. 

Small businesses are at a greater risk of being attacked compared to other large entities. With attacks targeting small businesses rising everyday, it is pertinent for every business owner to outsource proven cybersecurity services to ensure adequate protection.

Kaesim Cybersecurity specialises in offering the best protection methods and round the clock monitoring and assistance. Contact us to know how we can help secure your business from attacks.

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