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cybersecurity for business owners

Cybersecurity – 5 Things Business Owners Need to Know

The cybersecurity market has grown significantly since its early days. By the end of 2019, experts estimate the cybersecurity market will hit $167 billion. And it won’t stop there if things are going to proceed the way they are. Since there is more wealth stored online than ever, it is only natural that cyberattacks should increase in frequency and sophistication. After all, the crooks follow the money, whether digital or physical.

What Business Owners Should Know

The first thing business owners should know about cybersecurity is that is constantly evolving. It does so to effectively counter attacks from malicious software that is itself constantly evolving. That means modern business owners need to have some knowledge about cyberattacks and security countermeasures. Don’t worry if you are a complete novice in the digital world. This blog will help you understand the following points:

  1. Frequency of attacks
  2. Most Wanted
  3. Growing Connectivity
  4. Global Spending
  5. Countermeasures

Let’s take a look at these points below.

It is very important to understand what you are up against. Every day cyberattacks become more and more sophisticated. These attacks cause millions of dollars to businesses all over the globe and are a serious threat to any computer with an internet connection.

Automated, Frequent Attacks

These days, cybercriminals can automate hacking attacks using a number of tools like malicious programming and bots. According to a study by The University of Maryland, a computer connected to the internet faces an attack every 39 seconds on average. Consider the number of computers and devices in your business connected to the internet.  That should give you an idea of the gravity of the situation.

Most Wanted

Anyone who has ever seen TV knows about the Federal Bureau of Investigation’s Most Wanted List. It has featured the likes of Al Capone and Osama bin Laden. The Most Wanted List is a who’s who of the world’s most dangerous and cunning criminals still at large. The FBI offers a substantial reward for information that leads to the capture of any of these individuals. As of 2019, the list includes 41 cybercriminals wanted for crimes like intellectual property theft, cybercrime, and fraud, nothing as simple as cyberbullying.

Growing Connectivity

The world is growing smaller as it becomes increasingly connected. The Business Insider estimates there will be around 3.2 devices per person by 2020. That amounts to 24 billion internet-connected devices. That’s great news for smart device manufacturers, but will these devices have sufficient internet safety? Consider how well-protected these devices are, which can be a cause for worry for business owners.

Global Spending

Businesses all over the world, especially ones that deal with sensitive consumer data, are investing heavily in cybersecurity software and protocols. Most governments consider cyberattacks as a constant threat. But your business cannot rely on government aid and needs to protect itself like many others. Global spending on cybersecurity is expected to reach $124 billion in 2019. As governments increasingly introduce stricter regulations on data security, businesses will have to spend more to meet them. I have a small business with an Optimum internet connection, but I don’t rely on the built-in security software. To make sure my customers are protected, I invested in better software for more peace of mind.

Countermeasures

Knowing and taking the right countermeasures are essential to the cybersecurity of your business. It’s not a simple matter of looking for internet providers near me, buying a subscription, and setting up an online store. Businesses generate and collect tons of data every day, most of it on their consumers. While consumers may allow businesses to collect this data, it is certainly not intended for cybercriminals. This makes it your responsibility as a business owner to have strict countermeasures in place. Otherwise, you might end up like someone I know who had their TDS internet hacked and lost tons of sensitive employee payroll data to criminals.

Here are a few countermeasures to take:

  • Minimize human error by training your employees on basic internet vigilance.
  • Make sure all your devices and digital assets have sufficient protection.
  • Don’t underestimate internal breaches.
  • Don’t become complacent by not adapting to changing threats.
  • Restrict employees from connecting office devices to the public internet, even if it is 100Mbps and they need to upload a large file.

Conclusion

Of course, you must be alarmed by now and itching to check if your business is well-protected. The internet is dangerous but by being vigilant and encouraging the same in your employees, you can avoid most cyberattacks. You may also need to invest in better cybersecurity software, especially if you collect customer information. But most importantly, never stop learning about cybersecurity. You never know when you might be the victim of an attack, but this blog will have hopefully shown you how to reduce the risk of a hack or breach.

If you have any questions on cybersecurity measures for small businesses, leave us a comment below.

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