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Contrary to popular belief small and medium-sized enterprises or SMEs are far more likely to be a target of hackers and other cybersecurity threats. The reason for their high vulnerability is their limited resources and insufficient implementation of security measures.
There is a lot of evidence out there that suggests SMEs are the primary target of hackers. What’s more, about 60% of the SMEs hit by a cyberattack are likely to go out of business in less than a year.
Mr Basem Barry the CEO of B A Barry Group says
“Having awareness of the recent cybersecurity trends can help SMEs to recognize the major threats before they cost them dearly.”
This blog delves into the subject of cybersecurity for small and medium-sized enterprises in detail. So, keep on reading to protect your business and customers from the ever-evolving cybersecurity threats.
Cybersecurity is a process where an SME adopts robust practices to protect their digital assets and customer data from hacking or other threats like malware, ransomware, phishing, etc. It is a digital transformation that you can ensure your business keeps on running smoothly and without facing major vulnerabilities.
Cybercriminals attack your system with a goal of accessing, changing, or destroying your sensitive data and that can seriously disrupt your operations not to mention the hit that your credibility as a business takes as a result of it.
A robust cybersecurity strategy covers everything from securing your internet connection to installing security firewalls and from limiting access to your data to employing multi-factor authentication.
Here is why every SME should make cybersecurity its top priority
Without cybersecurity, businesses cannot protect their valuable data such as the personal information of the customers, management information, financial records, and intellectual properties. If a hacker accesses this information, it can open you up to so many threats like identity theft, financial losses, and legal liabilities.
To build customer trust you need to make them feel that their data and personal information are always safe. Businesses that have a reputation for bad security cannot retain their customers and even business partners for long.
Cybersecurity also involves ensuring compliance with the regulations for handling and protecting data in a certain region or industry. Not adhering to the regulations can subject you to hefty penalties that SMEs often cannot pay owing to their limited resources. This can run them out of business which is why SMEs need to be extra diligent in this regard.
A cyberattack can render your operations ineffective. Hackers can lock out your essential data or force a shutdown of your network and other physical systems. This can seriously affect your operations and the ability to serve your customers on time which can cost you both in terms of money as well as bad reputation.
The risks of poor cybersecurity are numerous but the good news is you can minimize these to a great extent by following the right strategies. By using the right digital solutions to ensure successful digital transformation you can enhance your cybersecurity to a great extent.
Here are a few things you can do to protect your business from cyber threats
Outdated hardware and software can make you an easy target for cybercriminals. To minimize the risks, you need to regularly check your software for security patches. Make sure to check every notification from your hardware or software vendor to know when you need to make updates. This way you can prevent malware and hacking attacks to a great extent.
You can also add an additional layer of security to your database and user accounts by utilizing multi-factor authentication (MFA). In this approach, apart from passwords you can also ask the employee or the user to provide fingerprints or verification using an OTP from a secondary device that they own. This minimizes the risks of unauthorized access.
You can use the principle of least privilege to minimize access to your sensitive business data. Furthermore, you can increase the access privileges based on the employee's seniority and roles. By allowing only the relevant users to access your data you can make sure the key information is not shared easily.
As an SME you need to implement robust cybersecurity technologies like firewalls, antiviruses, breach detection and prevention systems, and foolproof access controls. Make sure to use the latest tools and configure these according to your business needs.
You need to make sure the passwords you use are unique as well as strong. It is always a good idea to use a mix of alphabets, symbols, and numbers in the passwords. Do not use guessable information like birthdays, keypad patterns, or common words or phrases as passwords.
Remember that your password is the first line of defence against cyberattacks and unauthorized access attempts. So, pay extra attention to your password habits. It is also a good idea to change your passwords periodically to further enhance security.
You need to train your employees and inform them about the latest cybersecurity threats. They should have an idea about the latest phishing and ransomware schemes. You should also train them to identify suspicious activities and handle shady emails.
By training your employees in proactive cybersecurity measures and protocols to follow in case of breaches and attacks you can minimize the losses significantly.
Cybercriminals are using newer and more robust tools for attacking SMEs and that means these businesses have to be extra careful. By prioritizing the implementation of robust cybersecurity measures SMEs can have complete protection against a wide range of threats. This can help them address the vulnerabilities and challenges that can potentially have devastating impacts on their operation.
By following the best cybersecurity practices, SMEs can strengthen the security of both their sensitive data and consumer information which leads to a much better reputation in the eyes of the public.
We at the B A Barry Group are passionate about stock lots and we want to share what we have with the rest of the world. B A Barry Group is all about redefining luxury, class, and innovation. We are also passionate about liquidations to auctions and from mergers to finding the right stock lots consisting of ageing or nearly expired items at very reasonable rates.
Keeping that in mind we aim to provide a holistic approach to diverse industries from wholesale trading to arts and culture and from fashion to digital solutions for virtual challenges. We aspire to find the right sources of stock lots globally where each of the product lines or services we offer is critically analyzed to give you nothing but the best to trade.
Visit B A BARRY GROUP today to get the best cybersecurity and other digital solutions to keep your business safe and to help it grow.
