An increasing variety of cyber attacks are negatively impacting small businesses. So, it’s often necessary for teams to take proactive steps to protect their data.
According to recent data from Accenture, 43 percent of cyberattacks target small businesses. This is largely because small businesses collect valuable financial and personal data from customers but don’t have the sophisticated cybersecurity protections of larger firms.
And these attacks can be devastating for small businesses. According to IBM’s 2023 Cost of a Data Breach Report, the average financial impact of a data breach for businesses and organizations with fewer than 500 employees is $3.31 million.
Though there are no surefire ways to eliminate the risks, there are plenty of tactics small businesses can use to reduce the risk and potential impact of cyberattacks. For example, employee training can help businesses combat phishing attacks. Partnering with IT professionals can help businesses spot and respond to issues quickly. And insurance may mitigate some of the financial impact.
Each company’s strategy is likely to be a bit different. But all businesses need to take cybersecurity seriously and employ multiple strategies to minimize risk. These steps don’t need to be costly either; sometimes, the most effective strategies involve simplifying your own data collection.
For example, Shipology, a small e-commerce fulfillment company, takes a proactive approach by avoiding any unnecessary data from clients.
Keri Wytrwal, co-founder of Shipology, told Spectrum News 1, “We’re only gathering the data that we absolutely need. We don’t need all that excess data that’s not necessary to us. That puts us at risk.”
This is just one of the strategies Shipology is employing. The team understands that the cybersecurity landscape is always changing. So staying on top of trends and news and always learning is essential to keeping businesses safe.
Wytrwal added, “We always have to be re-educating ourselves, learning about new technology and what other companies are doing. We learn from not only their mistakes, but other procedures they’re putting in place.”
Image: Envato
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