Top 4 signs your business has weak cybersecurity

Top 4 signs your business has weak cybersecurity

The cyberthreat landscape is increasingly evolving and becoming more dangerous. Before, malware only infiltrated and damaged computers, but the rise of ransomware is now forcing companies to pay large amounts of money to recover their systems. Phishing attacks are also used by cybercriminals pretending to be company executives to steal money and sensitive files.

Despite this, many small- to medium-sized businesses (SMBs) are still uninformed about the latest threats and fail to protect themselves. According to a study, half of global businesses are not confident that they will react effectively if they encounter a cyberattack. While some may have response plans, these business owners admit that they have not tested or updated them in the past year, making their defenses outdated and ineffective.

Let’s take a look at some of the signs that you have weak cybersecurity:

#1. You think that your business is too small to be a target
According to Verizon’s 2019 Data Breach Investigations Report (DBIR), 43% of all cyberattacks are aimed at small businesses. Many of them go out of business within six months.

But why this trend? Cybercriminals know that many SMB owners think they have nothing valuable to hackers, so these SMBs don’t invest in proper network security solutions such as firewalls, antivirus software, intrusion prevention systems (IPS), and the like. This makes SMBs an easier target for criminals.

Your business must learn to invest in proper cybersecurity solutions in 2020. Start spending on proactive measures like installing security software, training your staff on staying safe online, and partnering with a managed IT services provider like Binatech. Investing on security may be costly, but compared with the expenses of recovering from an attack, you’ll be better off with the former.

#2. You don’t take third-party risks seriously
Have you ever stopped to consider that IT attacks may be coursed through your partners and suppliers? Called supply chain attacks, these occur when your system is attacked through an outside entity that has access to your systems and data.

According to research, the average cost of a supply chain attack is over $1.1 million dollars. The Ponemon Institute also found that 56% of organizations have suffered a data breach caused by one of their vendors.

Just how dangerous can a supply chain attack be? Let’s take retail store Target as an example. The company suffered a data breach that put 40 million customers’ credit and debit cards susceptible to fraud after their point-of-sale (POS) system covering over 1,800 stores was infected with malware. It was later discovered that the breach was a result of hackers stealing the credentials of one of Target’s vendors. Not only did Target lose a lot of money trying to recover from the attack, but many customers also lost trust in the company.

To protect your business from supply chain attacks, closely vet the trustworthiness of the companies you do business with this year. Check if they are implementing good security standards in protecting client data. Align your security standards accordingly, and actively monitor third-party access to your information.

#3. You don’t hold employees accountable for cybersecurity
One surefire way hackers can easily infiltrate your company’s system is through your staff. Hackers are aware that most employees are negligent when it comes to cybersecurity, so they use your staff's ignorance to attack your system. According to Proofpoint, 99% of cyberthreats require human interaction to execute. A separate research also finds that 64% of organizations have experienced phishing attacks.

There are a number of businesses, however, that treat cybersecurity as an IT issue, rather than a workplace culture issue. Let’s say that a rank-and-file employee falls for a phishing attack. Some companies will only work with their IT team to contain and rectify the issue. This is problematic, as it does not hold the erring employee accountable. This teaches the workforce nothing about cybersecurity, and makes them just as vulnerable as before to phishing and other cyberthreats.

To foster a healthy cybersecurity culture in your company, cultivate a cybersecurity culture among your employees with regular and simulated training sessions. Teach them to be more careful when opening links and downloading files from suspicious-looking emails. They should always be informed of the latest security threats as well.

Provide your employees with cybersecurity awareness training, and hold them accountable for the decisions that they make. This teaches them to be more proactive and aware of their mistakes.

#4. Your IT team constantly fails to solve cybersecurity issues
If your IT team is struggling to contain cyberattacks, or resorting to Google for the solutions, then your business’s cybersecurity is in danger. It’s understandable that not everyone in your IT team is knowledgeable about cyberattacks, but when your security is already being compromised, it’s time to look for other options.

This is where a managed IT services provider like Binatech can help. When you partner with us, we optimize and protect your infrastructure while proactively monitoring it 24/7/365 to ensure your business experiences little to no downtime. We can even work with your current IT staff to solve your cybersecurity issues. Not only can we solve them faster, but we also help your in-house team learn more about protecting your IT infrastructure better. And we are cost-effective because we charge a flat-rate monthly fee, so you can budget your IT expenses better.

Dealing with cybersecurity as an SMB is never easy. That’s why we’re here! Binatech offers cutting-edge IT consulting and business computer support services in the Hamilton, Mississauga, and Buffalo areas so your business is always protected against the most dangerous threats. Our network audit solutions can also identify anomalies and vulnerabilities in your system so they can be rectified. Click here for a FREE network assessment!