In an era dominated by digital transformation and technological innovation, businesses are experiencing a surge in growth, relying on technology to enhance operations and reach wider audiences to fuel their business. And while this digital evolution presents unprecedented opportunities, it also exposes businesses to a heightened risk of cyber threats.
Especially to small businesses.
Smaller companies are increasingly not only perceived as easier targets due to resource constraints but are finding themselves at the forefront of a growing battle against hackers and security breaches.
With the ever-increasing threat, it’s time for small businesses to both plan and protect themselves, as well as take an honest look at the reality of its implications to their data, critical IT infrastructure and unseen costs that can happen if cybercriminals attack. As the trusted experts, TMG suggests the following for you to consider as you strengthen your defense.
Small Companies Face a Double-Edged Sword
As we all know, the business landscape is witnessing a massive influx of small companies, especially post-pandemic. New and rapidly growing technology has empowered and enabled enterprise to a level most of us have never seen before. And although we’re witnessing a historical shift in increased abilities and popularity in becoming an entrepreneur or forming a small business, it also paints a large target on the collective back of those small businesses to hackers.
Cybercriminals, aware of resource constraints, see these enterprises as low-hanging fruit ripe for exploitation.
The sheer number of small businesses presents a unique challenge. Unlike their larger counterparts, these enterprises may lack the financial muscle and means to invest heavily in cybersecurity. This creates a double-edged sword for both sides – a vast number of potential targets for hackers who don’t need an exorbitant budget to wreak havoc on and a vast number of small businesses who are not fully prepared for a cyber-attack.
The cat and mouse game between these criminals and the CIOs, CTOs, and CISOs trying to defend their network is hard to win because threats are constantly evolving.
At TMG we’ve seen that when small businesses take a proactive security approach understanding the double-edged sword, and plan for not “if” but “when” at attack happens, it can help you mitigate these growing threats quickly, comprehensively and dynamically.
Breaking the Myth: Hackers vs. Corporate Giants
Contrary to popular belief, hackers often prefer targeting small businesses over corporate giants. Why? Because big companies have and boast formidable defense mechanisms, including dedicated cybersecurity teams and substantial financial resources.
Hackers, on the other hand, are operating on unlimited budgets. They see smaller organizations as vulnerable entry points and easier to prey upon. In choosing their targets, cybercriminals pick organizations with known vulnerabilities or those that may lack comprehensive cybersecurity measures.
Small businesses need to understand their attractiveness as targets due to perceived weaknesses in their cybersecurity infrastructure. It’s important to work with experts like TMG that can help you not only take a closer look at your cyber threat potential, but help you navigate the status as a prime target.
This awareness and acknowledgement of vulnerability is the first step toward strengthening your security defense. The next step is conducting regular security assessments to determine the functionality of your current security controls, detect weaknesses in security posture, and to predict possible threats while guiding the planning of effective responses during a cyber threat or attack.
Breaching the Small to Reach the Big
Hackers employ a strategic approach by breaching smaller accounts to gain access to larger, more lucrative targets. They understand the interconnected nature of business ecosystems – think supply chains, partnerships, and collaborations. This not only creates a web of vulnerabilities that hackers deftly exploit, but also can make a small business an accomplice in larger-scale cyber-attacks.
Understanding this threat is pivotal for small companies, you’ll quickly see it’s not just about securing your digital borders; it’s also about recognizing the role you play in a broader network of potential targets.
That’s why it’s more important than ever to understand how to run the right tests for your business’s unique situation and needs. TMG has access to best-in-class security firms, giving you well-vetted options and expert guidance in choosing the right testing to ensure not only you are protected, but so are the people and companies you do business with.
Guard Against Overspending
In the pursuit of cybersecurity, the temptation to overspend is real. Very real.
TMG often sees this evidence in two critical areas – insurance and cyber solutions. Small businesses often fall into the pitfalls of spending on the wrong tests, the wrong people or the wrong solutions giving them a false sense of security.
The Insurance Paradox
They also tend to think having insurance that equates to cyber protection. They also think their spend on cyber protection is “enough” as they treat that the same as insurance. The thought we hear is; “I am already spending x, isn’t that enough”. If I add anything else it will be more than we need/want/can afford/ and is the equivalent of overspending on insurance. Investing in cybersecurity insurance is a smart and necessary move. Small businesses often struggle with finding the right balance, both for their needs and especially on how much to spend. While insurance provides a financial safety net, relying solely on this mechanism can create a false sense of invincibility.
Over-insuring by thinking you are covered since you have security services in place will not stop cyber-threats.
It’s essential to evaluate insurance needs meticulously, and at TMG we’ve seen an influx of requests from our small business clients asking us to do just that for them. It’s important for small businesses to take a holistic approach to risk management with a focus on controlling overspending and insurance costs should be assessed. First, we want to understand the potential financial ramifications of a cyber incident for our clients, then balance that coverage with a robust cybersecurity strategy.
The Other Elements to Consider
The belief that a combination of endpoint solutions and an IT manager equates to a foolproof cybersecurity will set you up for failure. We’ve seen it happen one too many times.
Small businesses must shift their focus from buying widgets and tools, to what they SHOULD be doing. And what they should do is make sure they partner with a trusted advisor like TMG to get the FULL picture – evaluate the unique risk, develop a customized plan, and assess their overall security posture.
A checklist mentality won’t cut it in the complex landscape of cyber threats.
There are other elements to consider:
The Human Element: An IT manager, no matter how skilled, cannot operate in isolation. Due diligence extends far beyond implementing solutions – it involves continuous learning, staying abreast of evolving threats, and adapting defenses accordingly.
The AI (Artificial Intelligence) Element: AI stands as a formidable ally in the fight against cyber threats. Its ability to analyze vast datasets and identify patterns makes it a valuable tool for threat detection. However, the efficacy of AI comes with a caveat – time and learning curves.
Small businesses leveraging AI must understand that it takes time for these systems to learn and adapt. The dynamic nature of cyber threats means that AI might not catch everything immediately. Our leaders at TMG will dive deeper into this in coming months.
Remember, both people and AI have a learning curve. Just one missed threat could leave you exposed and lead to the bad guys straight to you. This reality necessitates a layered approach to security, combining AI with human oversight to bridge the gap. Tap TMG to help you simplify and build that more focused layered approach that is essential in today’s times.
The Unseen Cost of Cybersecurity Incidents
The most obvious fallout of a cyber-attack, besides breached data, are the huge financial implications. But beyond the immediate financial implications, the unseen cost of cybersecurity incidents for small businesses can be devastating.
The fallout includes:
- Financial Consequences: Remediation costs, legal fees, and potential regulatory fines contribute to the financial burden.
- Reputational Damage: Trust is hard-earned and easily lost. A cybersecurity incident can tarnish a small business’s reputation, leading to customer distrust and potential loss of business.
- Operational Disruption: Cybersecurity incidents can disrupt normal business operations, leading to downtime and lost productivity.
Tap TMG to help you protect data and critical IT infrastructure, as well as your reputation from cybercriminals. There’s too much at stake, both seen and unseen, for you to just “hope” you’re protected. Be proactive and focus on how you can strengthen your defense.
Change Starts Here
As small businesses stand at the crossroads of opportunity and vulnerability, the need for strategic cybersecurity measures has never been more important. The surge in small companies brings both promise and peril, with cyber threats lurking at every virtual corner.
Yes, cybercrime is growing, but by having a firm understanding of what your small business is vulnerable to, strategically spending to mitigate, and honestly accessing your vulnerabilities, you’ll be able to develop a plan that is right for you. If you’d like us to help assess your situation, providing expert guidance in how to reduce your risks and increase your protection and exposure, connect with us at TMG.
Regardless of how insignificant you think your company is to a criminal’s plans, you never know what kind of data they may be seeking from you or what they plan to do with it. And with smaller companies being a big target of cyberattacks now, as well as for the unforeseeable future, it’s time you plan for change.
Small businesses can successfully navigate the unfortunate cyber threats a digital frontier comes with, by staying both vigilant and having the full picture to develop a strategic plan. Both for now, and the road forward.
No business is too small for cyber security. Let experts like TMG help you prepare, protect and save money. There’s confidence that comes with having expert advisors on your side.