Nearly half of all cyberattacks target small businesses. Yet only 40% of small businesses have a cybersecurity policy. Security breaches surged in the pandemic as more employees worked remotely, making data even more accessible to cybercriminals. As businesses work to recover from the COVID-19 pandemic, their vulnerability to fraud is at an all-time high.
Just like people, businesses can be victims of identity theft. Criminals can use breached information to pose as company owners or employees to fraudulently access bank accounts and financial information, perpetuate phishing scams, and more.
In addition to financial losses that affect cash flow, companies must spend excessive amounts of time to remediate and recover from cyberattack damage. Even more, a business might face long-term credit and reputation harm. Here are important, affordable steps to take to decrease your business’ susceptibility to cyberattacks:
- Monitor your business credit score and credit report to stay on top of unusual or unauthorized activity
- Setup business Dark Web monitoring to be alerted if sensitive pieces of business information (like EIN, DUNS, or credit card numbers) have been compromised
- Hire a security consultant to evaluate your cybersecurity on an ongoing or regular basis
- Consider the value versus risk of allowing employees to connect to business systems from personal devices
- Obtain cyber insurance coverage from a knowledgeable provider that understands the specific concerns of small businesses