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  • Writer's pictureAmanda Bird

Spotting Cyber Security Risks Targeting Small Businesses

To begin with, cyber-attacks are a reality that all small businesses need to face up to. Small businesses without adequate protection are like sitting ducks in a pond. To prevent this from happening, it's important to understand the importance of cyber security for small businesses, and how to prevent cyber threats.

Cyber Security for Small Businesses: Why Is It So Important?

In terms of cyber-attacks, small businesses are among the top targets because they are easier targets. Small businesses are generally less prepared and less aware of the potential threats, and a cyber-attack can result in huge losses and a major disruption to business operations.

A major cyber-attack on a small business can put it out of business completely. That's why it's important to know the risks and how to minimize them by ensuring that your cyber security measures are up to par.

It's also important to be aware of the fact that cyber-attacks are not always targeted at a single business, but are often aimed at industry. So a small business needs to be aware of the cyber security risks that are unique to their industry, and make sure to have the necessary protection in place.

Different Types of Cyber Security Threats a Small Business Can Face

1. Malware + Ransomware

Malware refers to a malicious computer program that is designed to cause harm or damage to a computer, a mobile device, or an entire network. Ransomware is a type of malware that threatens to publish or delete data, or to block a user's access to data or a computer system.

These malicious software programs can affect desktop computers, laptops, and even mobile devices. A common way of spreading ransomware is through spam emails and infected websites. Hackers infiltrate a website and embed malicious code into the site. Then, when someone visits the website, their computer is infected by the ransomware.

The best way to protect your business from such threats is to keep your computer and mobile device software up to date and use a firewall and anti-virus software.

2. Phishing + Social-Phishing

Phishing is a type of identity theft in which the hacker will send an email that appears to be from a legitimate source, such as a financial organization or a government agency, asking for confidential information. Employees can also be tricked into sending confidential information or installing malware on your business network.

Social phishing is a technique in which a hacker will use deception to get personal information, such as credit card details, user IDs, and passwords, directly from the customer. A hacker will usually send a message to the customer, pretending to be the organization that the customer is dealing with. With social phishing, the hacker will trick the customer into providing personal information.

Besides staying alert to protect your business from phishing and social phishing, it's also important to train your employees in how to identify a phishing email. You should also make sure that your employees know how to spot social phishing and report such incidents.

The Bottom Line: The Importance of Integrating Cyber Security Measures to Protect Your Small Business

Whether you are a small business owner making your first foray into the online world, or an established enterprise leading the charge in your industry, it is important to keep your business protected from cyber threats.

It is equally critical to have a firm understanding of the different cyber security threats that your business may face and how to protect them. With that in mind, one of the best ways to shield your business is to get cyber liability insurance.

Why You Need Cyber Liability Insurance

Cyber liability insurance is a type of business insurance that you need as soon as your business becomes connected to the internet. This means that it is not a matter of if, but when your business will suffer a cyber attack.

With the right level of cyber liability insurance protection, you can recover from a cyber attack in a timely manner, without any impact on your business operations.

Cyber liability insurance protects against losses caused by cyber-attacks, such as those caused by hackers, viruses, or ransomware. It also provides protection against the financial impact of business disruptions, such as those caused by a denial of service attack, power outage, or a natural disaster.

How Can We Help You?

Your business is growing, and it only makes sense that you take the right steps to ensure your business is well protected. In a digitally-driven landscape where cybercrime can happen anytime and anywhere, the best way to help your business survive is by getting business insurance.

New Wave Insurance helps you find an insurance policy that fits your needs. From assets to your business, down to your vehicles—we've got you covered. Learn more about how we can help you today!

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