Cybercrime is a rapidly growing industry. Experts estimate that cybercrime costs will reach $10.5 trillion annually by 2025. Keeping information safe is essential in light of the growing risks of cybercrime.
Cybercriminals can launch very sophisticated attacks, but often lax cybersecurity practices enable most breaches. This is especially true for small and mid-sized businesses (SMBs).
Small businesses may not don't prioritize cybersecurity measures over other important business concerns. They may be entirely focused on growing the company. They may think they have a lower data breach risk or that cybersecurity is an expense they can't bear.
But cybersecurity is not only a concern for large corporations. It's a critical issue for small businesses as well. Due to many perceived vulnerabilities, small businesses are often seen as attractive targets for cybercriminals.
Fifty percent of SMBs have been victims of cyberattacks. More than 60% of them go out of business afterward.
Cybersecurity doesn't need to be expensive. Most data breaches are the result of human error. Improving cyber hygiene can reduce the risk of falling victim to an attack.
For over 25 years, WEBIT Services has built effective cybersecurity procedures for hundreds of clients. It is passionate about using strategy and education to protect its clients.
By reading this article, you will learn 10 IT security errors that may put your business at risk of a security breach.
10 Common IT Security Mistakes
To address the issue, you need to first identify the problem. Often, the teams at SMBs are making mistakes they don't even realize. Below are some of the biggest reasons small businesses fall victim to cyberattacks.
1. Underestimating the Threat
One of the biggest cybersecurity mistakes of SMBs is underestimating the threat landscape. Many business owners assume that their company is too small to be a target. This is a dangerous misconception.
Cybercriminals often see small businesses as easy targets. They believe the company lacks the resources or expertise to defend against attacks.
Understanding that no business is too small for cybercriminals to target is essential. Being proactive in cybersecurity is crucial.
2. Neglecting Employee Training
When was the last time you trained your employees on cybersecurity? Small businesses often neglect cybersecurity training for their employees.
The human factor is a significant source of security vulnerabilities. Employees may inadvertently click on malicious links or download infected files.
Staff cybersecurity training helps them:
- Recognize phishing attempts
- Understand the importance of strong passwords
- Be aware of social engineering tactics used by cybercriminals
3. Using Weak Passwords
Weak passwords are a common security vulnerability in small companies. Many employees use easily guessable passwords. They also reuse the same password for several accounts. This can leave your company's sensitive information exposed to hackers.
People reuse passwords 64% of the time.
Encourage the use of strong, unique passwords. Consider implementing multi-factor authentication (MFA) wherever possible. This adds an extra layer of security.
4. Ignoring Software Updates
Failing to keep software and operating systems up to date is another security mistake. Software should be updated promptly after an update is released.
Cybercriminals often exploit known vulnerabilities in outdated software to gain access to systems.
Businesses should regularly update their software (including operating systems, web browsers, and antivirus programs) to patch known security flaws.
5. Lacking a Data Backup Plan
Small companies may not have formal data backup and recovery plans.
They might mistakenly assume that data loss won't happen to them. However, data loss can occur for various reasons, including cyberattacks, hardware failures, or human errors.
Regularly back up your company's critical data. Test the backups to ensure they can be successfully restored in case of a data loss incident.
6. No Formal Security Policies
Small businesses often operate without clear policies and procedures. Without clear and enforceable security policies, employees may not know critical information or processes for handling such information, how to use company devices securely, and how to respond to security incidents.
Businesses should establish formal security policies and procedures. As well as communicate them to all employees. These policies should cover things like:
- Password management
- Data handling
- Incident reporting
- Remote work security
- And other security topics
7. Ignoring Mobile Security
Mobile security is increasingly important as more employees use mobile devices for work. Small companies often overlook this aspect of cybersecurity.
Businesses should put in place mobile device management (MDM) solutions. These enforce security policies on company- and employee-owned devices used for work-related activities.
8. Failing to Watch Networks Regularly
SMBs may not have IT staff to watch their networks for suspicious activities. This can result in delayed detection of security breaches.
Install network monitoring tools. Or consider outsourcing network monitoring services. This can help your business promptly identify and respond to potential threats.
9. No Incident Response Plan
In the face of a cybersecurity incident, businesses without an incident response plan may panic. They may also respond ineffectively.
Develop a comprehensive incident response plan that outlines the steps to take when a security incident occurs. The plan should include communication plans, isolation procedures, and a clear chain of command.
10. Thinking They Don't Need Help
Cyber threats are continually evolving. New attack techniques emerge regularly. Small businesses often have a hard time keeping up. This is where an educated IT professional, Managed IT Services, or an IT Security Service can help.
An internal IT expert is your tech-savvy "boots on the ground." Because internal teams are on-site, they know your business inside and out. They deeply understand your company's culture, structure, employees, equipment, and procedures.
An IT provider brings in an entire team of experts with varied expertise and experience. Within a quality provider, your company will reap the rewards of the provider's combined knowledge and skillsets.
An IT Security Service will specialize in security tools, practices, and monitoring to help your company address security concerns and identify unusual activity that may indicate a breach.
Some businesses will utilize only one of these services, while others may use all three. It depends on the size of your company (for example, a company with less than 80 employees may not need both an internal IT team AND a managed IT service provider), your industry's compliance standards, your budget, and individual needs.
Next Steps for Addressing Security Concerns
IT security risks are not always apparent issues or blaring alarms. Sometimes, they are seemingly small habits, settings, or updates. Common poor security practices include:
- Underestimating the threat
- Neglecting employee training
- Using weak passwords
- Ignoring software updates
- Lacking a data backup plan
- No formal security policies
- Ignoring mobile security
- Failing to watch networks regularly
- No incident response plan
- Thinking they don't need help
Regularly performing risk assessments is the best way to identify hidden or potential risks. Your IT provider or internal IT team should perform these assessments quarterly or following a significant change in your business (i.e., moving office locations or a major IT project).
After the assessment, your IT provider or IT team should present the results, the potential risks, and solutions for addressing them. Your provider or team should be able to communicate the results and possible action plans clearly.
The following assessments should show overall improvement.
In addition, your IT provider or team should follow a cybersecurity framework like CIS or NIST. If they are not, your system is experiencing unnecessary and preventable risks, which may indicate that your IT partnership is not working as well as it should.
WEBIT Services believes knowledge is power, so it is passionate about cybersecurity education and IT strategy.
If you're ready to discuss security frameworks and risk assessments for your business, schedule a free 30-minute consultation with WEBIT.
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