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It is a commonly spread myth that small businesses are less at risk of cyber attacks than larger business or major corporations. In fact, it is an unfortunate truth that small business are not only the most vulnerable, but also stand to lose the most from these attacks. Recent data show that businesses with less than 500 employees lose an average of $2.5 million per cyber attack. This, of course, cannot only be devastating for a small business financially, but also cause serious damage to the company’s reputation and cost them the trust of their customers and investors. here’s what to look for when ramping up cybersecurity for business.

As cybersecurity attacks are becoming increasingly automated, it is easier and easier for attackers to target hundreds, if not thousands of small businesses at once. Unfortunately, it is often the case that small businesses are vulnerable because they have not invested in cyber security to the same degree as many larger companies or corporations. Attacking these small businesses can be extremely lucrative for attackers, as even small businesses often deal in large sums of money and customer data that they are required to protect. 

Related: How To Protect Your Business From Cyber Security Attacks

It is essential for any small business to protect themselves from cybersecurity breaches by understating the threats they face and how to stop them. Here are some of the largest and most common cybersecurity threats that loom over small businesses online. 

The Most Common Cybersecurity Attack: Phishing attacks 

Accounting for as much as 90% of all breaches in cybersecurity, phishing attacks are the most widespread and damaging threat that small businesses face. A phishing attack takes place when attackers masquerade as a trusted business contact and lure a user into clicking a malicious link and downloading a malicious file, thereby giving them access to sensitive information such as account details and private credentials. 

Phishing has only become more prominent in recent years as attackers have become increasingly convincing in their false-appearances as trusted contacts. These attacks are so effective because they target individuals within an organization through social engineering. Fortunately, there are technological defenses that can be implemented to halt phishing attacks. 

Incorporating a strong email security gate is essential when it comes to securing your business from phishing attacks. Users can report phishing emails to an administrator who can then delete them from all user inboxes and waylay the threat. 

Related: Managed IT Services and Cybersecurity

70% of Ransomware Attacks Target Small Business

Ransomware is popular among cyber-attackers because of its lucrative nature. Ransomware works by gaining access to, and encrypting, large amounts of company data, thereby making it inaccessible to the company itself, forcing the company to pay a ransom in order to regain access to the data. Any small business must then decide to either dish out a large sum of money or to lose the stolen data. 

More than 70% of ransomware attacks target small business, and with the average demand being about $115,000, it’s important for businesses to know how to counteract these attacks. 

Small businesses should be encouraged to have data effectively backed up to the cloud to mitigate data loss. There are a wide variety of cloud-back up options out there, so researching which ones will work best for your company is in your best interest. 

Cybersecurity for Small Business Could Protect From Malware Attacks 

Last but certainly not least, malware attacks are another threat that small business should take steps to protect themselves from. Malware is malicious code that can be introduced to devices to damage them and compromise data. Having employees use their personal devices for work can be a cost-effective solution, but unfortunately, this leaves the company especially susceptible to malware attacks. 

The best way to mitigate the threat of malware attacks is to have a strong technological defense in place. If administrators have a strong central control panel from which they can monitor and update security systems across all company devices, they can stay on top of these risks and protect themselves from malware attacks. 

Running a business takes a lot of time and effort. And as a business owner, you are likely always looking for ways that you can improve, or cut back on costs while improving efficiency. One major way you can reduce spending too much money and effort on running your company is with managed IT services.

Rather than hiring full-time employees with benefits to take care of your IT needs, hire a third-party, professional service to manage them. A managed IT service provider will only charge you for the direct services you require, and can offer quality advice on what you may need for your business. While employees would require training and take up some time before they could really get started, managed IT knows right away how to keep your company cybersecure, organized, and efficient.

Handles Emergencies

One of the many benefits of managed IT services for businesses, is that when there are IT emergencies, you can cut down travel time and stress by outsourcing the problem to managed IT. You no longer need to rush into the office and assist your IT employees with whatever hack, leak, or issue with data storage has occurred. Instead, your managed IT provider will likely be on-call 24/7 with live support, and can quickly act to solve the issue.

Related: 5 Reasons Why Businesses Need Managed IT Services

Saves You Money

Being proactive with your IT can also save you money in the long run, by preventing any major issues or breaches. The company you work with will recommend certain security measures and regularly install updates, patches, and more to keep your software secure and up-to-date.

Many small businesses that handle their own IT do the bare minimum to keep their information private, but don’t realize how much maintenance and regular performance checks can assure consistent security. And when there is a major issue with a hack, leaked data, or an ecommerce site crashing, many business owners waste time and money trying to quickly figure out a solution. Managed IT won’t need to do this– they know exactly what to do in most IT situations (see our Complete Managed IT Services Guide for more).

Your employees will also thank you and save you money by having any IT stress lifted from their responsibilities. If they have any website issues, they can outsource them to a team of professionals. They won’t have to be trained in areas they may not be familiar with or comfortable with. And having a secure website with consistent uptime and no issues will allow them to be more productive, saving you both time and money.

Maintain Business Efficiency

Whether you have a small business with files in the cloud, or a larger company with many employees and an ecommerce system, you can benefit from managed IT services. You will be thanking yourself for saving time and money every time a professional from your assigned team preemptively fixes an IT issue. Your employees, customers, and other businesses you work with will thank you as well– using your website and entrusting their information to you will become easy, accessible, and secure. Maintain your business’ efficiency and reputation by outsourcing your IT to those with certified expertise. 

Not every company has the budget or need for full-time IT employees. If your business doesn’t frequently require maintenance on a huge amount of data and information, it may be a waste of time to have an in-house IT team. But you still need help with the occasional network or security issue. So what do you do? Enter managed IT services.

Related: Complete Guide to Managed IT Services for Business

Unique Services for Business

Many small-to-medium-sized businesses choose to outsource their IT needs to a professional, third-party provider. They can help with uptime, connectivity issues, file and cloud storage, cybersecurity, and more.

Saves Money Compared to In-House IT

There are many benefits to doing this. If you’re at all considering hiring professionals for your business IT solutions, it may be worth the money you’ll be saving on hiring full-time IT employees to have on hand. For one, using third-party professionals that already know what they’re doing saves you time and money on training new employees. And when your current employees aren’t bogged down with IT and network issues, they can be more productive in their work. They can go about their day without worrying about connectivity or security issues cropping up.

Learn more about why managed IT services are crucial for successful businesses

Improved Security

In 2022, your employees may be working from home most of the week, or even every day. This means businesses are increasingly having to keep files, applications, and data online and available to employees.

To avoid hacks or other cybersecurity issues, a managed services provider can maintain your company’s privacy. Many of these companies are also available 24/7 with support for any emergencies. A third-party, expert provider of tech solutions can help your business reap the benefits of an in-house IT team for a small fraction of the price. Your employees will thank you for keeping the company software up and running with minimal issues, and you’ll notice a huge spike in productivity.