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Small businesses not outside the scope for cyberattacks
Although many smaller businesses and startups live in false belief that their organization is too miniscule to attract the attention of hackers, experts have proven that this is simply not true. Small businesses that operate under this falsehood put the sensitive information of their company, as well as their customers, at risk. For this reason, it is vital that these groups better arm themselves in the fight against cybercrime.
According to Financial Planning, SEC is drafting new data security requirements that will demand more robust safeguards in organizations of all sizes to address current industry concerns.
"You don't get a pass if you're small," noted Jane Jarcho, SEC Office of Compliance Inspections and Examinations national associate director. "You have to figure out the right preparedness for your firm."
Malware attacks: The end of small businesses?
When smaller groups do not have the proper protections in place, a single data breach or malware attack could put the entire company's future in jeopardy. Mark Wilson, owner of Apex Cary Insurance, experienced this fear first hand. According to News Observer, Wilson first noticed a problem when the computer system accessed by himself and five other employees began experiencing sluggish performance.
Wilson called his local technology firm, which prompted him to look for a ransom notification, a common technique used by hackers in ransomware attacks. After searching the system, Wilson discovered a note demanding $300 for a key that would unscramble the files the malware had encrypted, effectively blocking user access.
This is just one story of a host of similar ransomware attacks. Some groups elect to pay the fine, some attempt to solve the issue themselves and try to recover what they can and move on. Despite the action taken, many cases end the same: Widespread losses of sensitive and vital company information. In a small business, a breach of this kind could mean the collapse of the organization. For this reason, it is essential that small business owners take a few steps to better safeguard their intellectual property.
Tips for improved security in small businesses
One approach that can be utilized to thwart hackers is encryption. Hackers have adopted this practice to lock users out of their files in ransomware attacks, however, it is just as effective, if not more so, when used by white hats. Such technology makes protected content illegible to anyone without the encryption key and can be leveraged through an SSL certificate or other means for data safety.
Small-scale operations should also employ monitoring software to peruse the network and individual devices for suspicious activity characteristic of a malware attack, suggested the U.S. Small Business Administration. These programs are a small investment that provide valuable benefits and enable workers to react quickly to mitigate the effects of a malicious intruder.
Mashable also advised improving password protection used by administrators and employees. This is one of the cheapest and simplest ways to bolster security. Users should implement passwords of eight characters or more, that leverage a variety of letters, numbers and symbols to decrease the chance that hackers will be able to guess them.
Administrators should also create a best practices document and educate employees on the information. SBA suggested that this education should expand to include social media activity as well. Employee pages could be a weak point, not only for hackers to gain information, but for competing businesses to do so as well.
"Depending on what your business does, employees might be introducing competitors to sensitive details about your firm's internal business," SBA stated. "Employees should be taught how to post online in a way that does not reveal any trade secrets to the public or competing businesses."
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