One of the biggest mistakes that you can make as a small business, is assuming that you aren’t large enough to be a target for malicious cyber-attacks. In fact, often, cyber-criminals target smaller businesses because they tend not to bother with putting the security systems in place to protect themselves from such threats.

Another common mistake with cyber security for businesses, is simply believing that it won’t happen to you. After all, with countless businesses out there, surely you wouldn’t be so unlucky as to become a target.

The fact is, no matter how unlikely you think it might be, the damage that cyber-attacks can cause to small businesses goes far beyond mere financial loss. Not only can these criminals target your money, but they can also go after customer data, which can have a devastating (and often irreparable) effect on your reputation.

So, whether you are a small start-up, or a medium-sized business, or a market share leader, you should have the security measures in place to prevent disaster. The slightest hiccup could undo all your hard work in a matter of minutes.

There’s no need to panic! There are several things that you can do to prevent this from happening, which we will get to shortly. First, let’s look at some of the challenges that small businesses face regarding cyber security.

Let’s look at five of the most common cyber security threats that small businesses face today:

Malware refers to malicious software attacks. This can include Trojans, worms, and viruses (among other nasty invasions of privacy).

Malware can have devastating impacts on a business. It can be used to cause irreparable damage to your devices, and even steal data from you. Malware can also operate in much subtler and sophisticated ways, such as, creating a ‘backdoor’ of sorts in your systems, so that cyber-criminals can access your business’s systems without being detected. These trap doors can allow them to monitor your business and steal valuable customer data right from under your nose.

As such, it is paramount that as a small business owner, you are aware of, and understand how to identify a malware threat, and successfully protect your business from them.

And next up we have ransomware. Ransomware is arguably one of the most significant threats that small businesses face, including government agencies as well. In fact, without comprehensive backups in place, the chances of your business recovering from a ransomware attack is minimal—if not, impossible.

You see, ransomware attacks are rather lucrative for cyber-criminals. Ransomware is a type of malware that can be utilised to encrypt files. Following that, a cyber-criminal can then demand money from you in exchange for decrypting said files (hence, ‘ransom’).

Of course, we recommend that you do not pay a ransom under any circumstances, as there is never a guarantee that the criminals will hold up their end of the bargain and decrypt the data for you. After all, they are criminals, right?

Fortunately, there are ways to protect yourself from such a devastating event ever taking place, such as staying up to date with the latest cyber security trends. Again, we will cover this shortly.

Phishing is a nasty trick that fools you into believe that you are in contact with a legitimate entity. The goal of phishing is to wrest sensitive information from you, such as your bank details, or your passwords.

Phishing attacks are a threat to both businesses and individuals alike, and they can come in the form of text messages, emails, or many other forms of communication.

Your business’s email and social accounts are points of vulnerability. Certainly, you can limit the risk by having a tight circle of employees with access to these accounts, but there are more effective and sophisticated means of keeping your accounts secure as well.

Next up we have supply chain attacks (aka third-party attacks). These happen when a cyber security threat infiltrates your system via a third party who has access to said system. These types of attacks are becoming more and more commonplace, especially if your suppliers do not have the appropriate cyber security measures in place.

As such, it is paramount that you ensure that any third parties who have access to any of your business’s systems, that they have sufficient security measures established before-hand. This should be a deal-breaker when establishing new relationships with suppliers; if their security isn’t up to par, do not give them access to anything.

Just as you will be taking steps to increase your overall cyber security, so should your partners.

Don’t panic! We aren’t saying that there is a mole on the payroll! And it would be very unlikely for you to hire a malicious employee who is only out to sabotage your operation and take advantage of you.

It is important that you give all your employees the appropriate training when it comes to cyber security. Often, a small to medium sized business falls prey to cyber-criminals due to human error, carelessness, or a simple lack of awareness.

Certainly, for businesses cyber security is everyone’s responsibility. As soon as someone signs up to work for you, they are entering an agreement to keep the brand’s best interests at heart. Still, it is your responsibility as an employer so ensure that everyone is on the right page and that they are suitably informed as to the cyber threats that can compromise your business. After all, if your business falls under a cyber-threat, they’ll be out of the job too!