New technologies are shaking up the world of work, but with this increased reliance on digital comes the need for better cyber security. Security breaches and data theft can cost small and medium-sized businesses (SMEs) lost productivity and revenue.
If businesses are to take advantage of automation, cloud computing, and digital platforms, they need to protect themselves against the risk of cyber-attacks. Legacy systems, such as traditional antivirus software installed on each individual device, simply won’t cut it in today’s connected computer age.
Hackers are very skilled at finding weaknesses in networks and computer systems, so companies need to take a more comprehensive approach to cybersecurity. Traditional antivirus software is like each device wearing its own security helmet, while more advanced cyber security is like placing all devices secretly in a bunker.
A New Approach To Online Security
When cybersecurity systems are composed of silos, small and medium-sized businesses are more vulnerable to attack.
The use of different vendors creates holes in the cyber security system and these holes are exploited by cybercriminals. Unless companies have good transparency into what is happening across all their networks and devices, it will be difficult to detect threats. Attacks can occur at various points, so security teams need to see the whole picture and analyse the system as a whole.
SMEs Are The Perfect Target For Cybercriminals
Compromised business emails are very common, with hackers sending fraudulent emails asking for funds to be transferred or sensitive information to be disclosed or changed.
These emails appear to come from the legitimate owner of the email account, so employees trust the content and play into the hands of the attackers. In a recent report published by the World Economic Forum, experts warned that business owners should prioritize cybersecurity when making business decisions.
Cybersecurity must be a key strategic priority and business leaders must have a common understanding of cybersecurity strengths. Small and medium-sized businesses are often too slow to detect and resolve cyber security breaches. The shocking reality is that the average company takes around 280 days to identify and respond to an attack. This means attackers have more time to infiltrate business networks and servers, get what they need, and ride off into the sunset.
Many SMBs are hyper-connected and use publicly available digital tools such as Application Programming Interfaces (APIs) to reduce costs and improve operations. APIs used in payment systems can lead to the theft of financial information, and without proper cyber security, can have disastrous consequences for the company and its customers. That’s why when you make a deposit to claim an online casino welcome bonus you should only so via a trusted payment mechanism.
Small and medium enterprises play a very important role in the economy and provide a huge source of employment. If a cyber security breach occurs, it can have a huge impact on productivity and lead to job losses or even bankruptcy. SMBs will be the most targeted companies in 2021 with $6 trillion in global spending. As an engine of economic growth, SMEs need to up their game when it comes to cyber security.