Why Are Businesses Still Bad at Protecting Themselves From Cyber Attacks?

You would think that we'd all understand by now the importance of protecting our businesses from cyber attacks, but it's still making the news. In 2020 alone, there were over 700,000 attacks against small businesses, with 51% of small businesses saying their website was down for between 8 and 24 hours. There are so many alarming statistics out there, so why are businesses still bad at protecting themselves from cyber attacks?

Misunderstanding the Threat  

Many businesses fail to recognize their vulnerabilities. So many companies become unaware of their susceptibility to attack through even the most basic of cyber attack tactics. Small businesses have a wealth of weaknesses, particularly when it comes to their POS (point of sale) terminal.

If you fail to protect your POS from malware, this could be detrimental to customers and your reputation. Modern cyber attacks can be very sophisticated. For example, phishing emails are far more difficult to identify, and if you, as a business, still rely on outdated methods, you will be far more vulnerable.

A Lack of Expertise and Training  

Many small businesses don't have the in-house capabilities to implement and maintain effective cybersecurity measures. Having something as simple as multi-factor authentication can make a huge difference. However, with only 20% of small businesses implementing it, getting a better understanding of the most basic tools that have the biggest bang for your buck can help you hedge your bets.

Limited Resources and Budget Problems  

Small businesses often lack the financial resources to invest in cybersecurity measures. There are numerous cost-effective cybersecurity options out there, but there's also other resources that we can make the most of, like cyber insurance. 

Businesses that have fewer than 50 employees seldom have a budget focused on cybersecurity because their money is so tight. Therefore, it reaps dividends to become more aware of what phishing emails look like and how cybercriminals are using far more sophisticated techniques these days. For example, AI-generated phishing emails can be harder to detect. The evolving landscape of threats like this makes it harder for businesses to keep up the pace.

Delayed Reaction  

Businesses can take a long time to detect a cyber attack, and therefore, being forearmed means being forewarned. Recognizing those key signs of phishing emails or malware can make a massive positive impact.

Human Error  

We're all capable of making mistakes; that's what makes us human, but it remains a significant vulnerability. Many employees lack proper training, and therefore, if you are subject to a cyber attack and you attempt to navigate the PR fallout, ensuring you can help your customers understand the human side of your business could mean a far more forgiving customer base if you are on the receiving end of a cyber attack and protect your business properly.

The last point is that many businesses tend to use outdated systems. A very simple thing to do is to update your software patches as regularly as possible. Businesses are still bad at protecting themselves from cyber attacks, but it doesn't need to be like this.