Why Don’t Small Businesses In Michiana Care About Cybersecurity?
In the modern landscape of hackers and business data, every business across the board needs a basic level of cybersecurity. Hackers are not picky predators; some malware is set to attack anyone it crosses – not just juicy targets. Every day, we hear about hospitals getting ransomware and stolen hotel client lists. Keypad scanners are placed at gas stations, and payment information is stolen from e-commerce sites. Every type of business is at risk from a landscape of hacking potential.
So why are small local businesses ignoring cybersecurity precautions? Here in Michiana, small businesses rarely care about cybersecurity and certainly not with the gusto of addressing a real risk to the company. But with the cost of a cyber attack valued at $200,000 for all-sized businesses, it’s no surprise that 60% of small businesses close 6 months after being hacked.
If your Michiana business is undervaluing cybersecurity, there are some easy-to-understand reasons why this might be. Cybersecurity is often undervalued, most of all by people who don’t have time to do the research and to learn all-new security routines. Let’s dive into the common mistakes that lead to dangerous cybersecurity apathy in small businesses.
1. The ‘Too Small to Hack’ Fallacy
No business is too small to hack. 43% of cybersecurity hacks targeted small businesses, and more than half of all small businesses were targeted by at least one cybersecurity attack in the year of 2019. We also know that the rate of cybersecurity has gone upwards in response to the rapid remote-work changeover and increased business vulnerability during the pandemic.
This means that your small business is at risk, no matter how small. The fact is that hackers can gain something by hacking your systems. They can steal client information, bot-net your servers, or even extort you with ransomware. Big or small, vital or insignificant, hackers target everyone. They are doorknob rattlers by nature, so any unsecured business immediately becomes a higher target simply because attacking them will be easier.
2. The ‘Not a Tech Company’ Fallacy
Another common mistake is assuming you are safe because of the mundane nature of your business. Many local restaurants, venues, and retail locations can’t consider their business model to have any data worth hiding, protecting, or stealing. Like, what are they going to take, your supply reorder forms?
In reality, every modern business now handles data that hackers want: Identities and Digital Payments If you take credit and debit cards, hackers have a reason to hack you. If you accumulate your clientele’s real names and addresses or even keep an email list, you have something hackers want.
Hackers will steal payment information using key-cloning plates in gas stations. They know that small local businesses have enough business to make the hack worthwhile. Just one stolen identity or credit card must yield a profit, and often the whole list are sold to comrades on the darknet data black market.
3. Budget Has Stronger Priorities
Of course, running the business will always have your top priority. Rent, bills, and payroll always come first, followed by insurance and customer care. IT consultants and outsourcing can cut into that vital margin. It’s easy for small business owners to simply put off paying for cybersecurity until they’ve already reached an “it works now” status quo.
Unfortunately, cybersecurity doesn’t work “out of the box,” so simply buying the right tech and setting it up DIY leaves default logins and configured routers that are a hacker’s dream. Default settings are the unlocked doors that hackers are looking for.
4. Don’t Have Time to Understand the Threats
Busy small business owners and managers are often pressed for time, which means limited time to research and understand anything beyond your core business model. Cybersecurity is the last thing on your mind when you are catering to customers and working with suppliers. When the beginning and end of every day are a rush to get everything done, it can feel like you don’t have any time to understand a high-tech kind of threat to your business.
However, the threats are real. Hackers are increasing their focus on stealing data from small businesses. Malicious viruses and malware increase the threat and, inconveniently, the amount a business owner needs to learn to stay safe.
5. Underestimate the Cost of a Breach or Ransom
How much does a hack cost? You are subject to the PCI-DSS (payment card industry – data security standard) if you process payments. Failing to prevent a breach of payment data can result in fines between $5,000 and $100,000, not to mention the risk of being excluded from payment card processing.
If your company is subject to GDPR, fines can skyrocket above 20 million euros or up to 4% of worldwide turnover.
If your company computer system is disabled by a virus or by ransomware, this can cost you your entire daily revenue and operating costs for every day your system is down.
6. Now Sure Which Cybersecurity Services to Buy
Finally, small businesses often don’t know where to turn to resolve their cybersecurity concerns. It’s one thing to have “Take care of cybersecurity” on your checklist and entirely different to know who to hire and which services to sign up for. Further research or consultation may be necessary if you don’t have a cybersecurity-knowledgeable technician on the team.
Realistically, a small business should have industry-standard defense software and custom configuration of firewalls, routers, servers, devices, and platforms. If you have a website or mobile app, these must be secured. In addition, you will want a system of backups and a recovery plan to quickly restore any part of your data that is compromised or ransomed.
Finding Cybersecurity for Your Michiana Small Business
If your Michiana small business is low on cybersecurity, but you know it should be a priority, look no further. Our team here at EGLtech specializes in helping local businesses reach the necessary levels of security to remain safe, reducing your risk of critical and costly data breaches. We will help you configure your network, choose the right tools, and achieve end-to-end cybersecurity without hassle to your already streamlined small business model. Contact us today to consult on your Michiana small business’s cybersecurity needs and solutions.