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This approach to security must be avoided at all costs .

Cost dilemmas

IT ’ S HARDER FOR CYBERCRIMINALS TO COMPROMISE SMALL BUSINESSES IF THEY ’ RE ALWAYS ON THE LOOKOUT FOR THREATS .

For small business owners , investing in cybersecurity solutions might be seen as a waste of precious budget when the purse strings are tighter than ever . However , it ’ s been proven time and again that the cost of recovering from a cyberattack can be far greater than any data protection expenses . One report , for example , estimates the average cost to remedy an attack to be £ 21,000 . If a business suffers multiple incidents , the costs can quickly rack up .

A cyberattack poses serious risks to a company , including widespread disruption , huge financial losses , compromise of sensitive information and significant reputational damage . While the initial investment in cybersecurity may seem steep , it ’ s much more cost-efficient in the long run than simply hoping for the best and putting out fires when disaster strikes .

How to steer clear of complacency

Once aware of how cyber complacency can creep into a small business , preventing it from happening becomes much easier . With a comprehensive approach , companies can protect themselves against the potential impact of a cyberattack . Below are some key recommendations to bear in mind .

Be vigilant

It ’ s harder for cybercriminals to compromise small businesses if they ’ re always on the lookout for threats . While much of the responsibility for this should rightly fall on the business itself , this is difficult to do comprehensively with limited resources .

This is where managed service providers ( MSPs ) have a major role to play . Rather than trying to deal with multiple security systems all at once , it ’ s useful for businesses to find a suitable partner to take care of their cyber needs . Many of these organisations offer advanced all-in-one solutions and frequent audits of a company ’ s cyber posture , making sure that businesses are constantly ahead of the game .

Stay educated

Cybersecurity education is not just an IT concern but a critical business imperative . Employees unfamiliar with common cybersecurity practices are much more likely to fall victim to phishing scams and ransomware attacks , two of the most prevalent methods cybercriminals use to breach business defences . Phishing , for example , involves tricking individuals into divulging sensitive information , such as passwords or financial details , by masquerading as a trustworthy entity in electronic communications . This vulnerability , often due to human error , can lead to serious financial losses and reputational damage .

By empowering employees with the necessary knowledge and skills to recognise and avoid phishing attempts , organisations can significantly reduce their cyber-risk and foster a security-conscious culture . Providing regular training , simulated phishing tests and clear policies are all essential to effective cybersecurity education . Businesses should also keep employees up-to-date on emerging cyberthreats through engaging content and frequent updates to stay alert to potential dangers .

42 Intelligent SME . tech