Protecting your small business from cyber threats

In today’s digital world, protecting your small business from cyber threats is just as important as locking your doors at night. Cybercriminals don’t discriminate based on business size—they’re always looking for easy targets, and unfortunately, small businesses often fit the bill. With limited resources and cybersecurity knowledge, they can be prime targets for hackers, phishing scams, and ransomware attacks.

According to the Cyber Security Breaches Survey, 39% of UK businesses experienced a cyber attack in 2022, with an average financial loss of £4,200 per attack. Cybercriminals can steal sensitive customer data, intellectual property, and even hold business systems hostage for ransom. Beyond financial losses, data breaches can seriously damage a company’s reputation and customer trust.

Understanding the most common cyber threats is the first step toward preventing them. Here are a few that small businesses should be aware of:

Phishing remains the most common cyber attack, accounting for 83% of reported incidents in 2022. It involves tricking employees into providing sensitive information—like passwords—by pretending to be a trusted entity. These attacks often come in the form of fake emails or messages that look legitimate but contain malicious links.

Malware is malicious software that can infect your systems and steal data. It often hides in email attachments or downloads from compromised websites. Once installed, malware can bypass security measures and give hackers access to your sensitive information.

Ransomware attacks are on the rise. Hackers encrypt your data and demand a ransom payment to unlock it. If your business doesn’t have backups, you could lose important files permanently—or be forced to pay thousands (or even millions) to regain access.

Now that you know the risks, here are some simple yet effective ways to safeguard your business against cyber threats:

Most cyber attacks target people rather than technology. Providing regular training can help employees spot phishing attempts and avoid clicking on suspicious links. The UK’s National Cyber Security Centre offers free online cybersecurity training—an excellent resource for small businesses.

Encourage employees to use strong, unique passwords for different accounts. Implement multi-factor authentication (MFA) wherever possible. This adds an extra layer of security by requiring users to verify their identity with a second method, such as a text message code or authentication app.

Cybercriminals exploit vulnerabilities in outdated software. Keep your operating systems, anti-virus software, and firewalls up to date to prevent security gaps that hackers can exploit.

Cybersecurity might seem complex, but taking small, proactive steps can go a long way in protecting your business. Hackers don’t just target large corporations—small businesses are just as vulnerable. By staying informed, training your employees, and implementing basic security measures, you can significantly reduce the risk of cyber attacks and keep your business running smoothly.