Data Breach: Small Businesses as Targets

 

Data breaches have become a common occurrence in the business world. Even though many people think of large corporations as the primary targets for cyber attacks, small businesses are the most vulnerable.

According to a report from Verizon, 43% of data breaches in 2019 involved small businesses, especially those in the legal, insurance, retail, financial, and healthcare sectors.

Wondering why small businesses are more vulnerable to a data breach than a large corporation? Read a little further.

Small businesses are a target for data breaches for the following reasons;

• Lack of Resources

Small businesses have limited resources to dedicate to cybersecurity and often lack the personnel, technology, and expertise to protect their sensitive data effectively.

• Lack of Awareness

Small business owners are most likely not aware of the potential risks associated with data breach, nor are they aware of the measures to take to prevent them, making them an easy target for cybercriminals.

• Valuable Data

Despite their small size, small businesses still possess valuable data that can be used for malicious purposes. This includes customer information, financial data, intellectual property, and much more.

• Third-party Risks

Small businesses may work with third-party vendors or suppliers who may have access to their sensitive data. If these third parties don't have adequate cybersecurity measures in place, it can put these small businesses at risk.

How can Small Businesses be Safe from A Data Breach?

• Invest in Cybersecurity

Small businesses need to invest in cybersecurity like firewalls, antivirus software, and other security tools to protect their sensitive data.

• Educate Employees

Employees need to be educated on the potential risks of data breaches and how to prevent them. Trainings could be centered on password management, phishing scams, and other common cyber threats.

• Implement Policies and Procedures

Small businesses should implement password policies, access controls, data backup and recovery plans to protect sensitive data.

• Use Encryption

Small businesses should use encrypting emails, files, and other forms of communication to protect their sensitive data.

• Monitor Third-party Vendors

Small businesses should monitor the security measures of third-party vendors and suppliers who have access to their sensitive data.

Small businesses can protect their sensitive data and avoid the potentially devastating consequences of a data breach if these processes are properly followed.

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