According to an IBM report, on average it takes nearly 287 days to detect and contain a data breach.
A lot of damage can be done in such a long period of time. For one thing, your reputation can go down the drain along with your dream of selling this great little business it has taken you twenty years or more to build.
This is according to Ethan Searle, business development director of LanDynamix, who many SMEs are under the illusion that their size makes them impervious to cybercriminals.
“Too often small business owners underestimate the knowledge, skills, and ability of cybercriminals to pick the low hanging fruit – those are the businesses that are most likely to lack cyber security measures with the excuse that it is too costly for a company of their size.
“Cybercriminals today are no long single hackers but entire collaborative networks on a global scale. It is delusional to think these organised hackers only target large corporations with vast resources. It is never a case of the bigger the organisation the more attractive the hit because the yield will be bigger.
“In fact, the opposite is true, smaller organisations are more vulnerable due to lack of focus and investment in protection making them prime targets for hacking as they require minimum effort and resources,” says Searle.
He explains how a cyber breach can have far more sinister implications for small businesses than large enterprises with greater financial reserves and investment in recovery systems.
“SMEs are characteristically founded by entrepreneurs with a vision to grow their business into a saleable entity, however, a cyber breach can do irreparable damage operationally, financially, and of course, reputationally. All these impacts can be devastating to the resale value of a business. SMEs need to ask themselves are they willing to risk this outcome.”
He emphasises digital security awareness is vital.
Searle says while modern technology has enabled access to business data from anywhere, at any time it has also vastly expanded the attack surface and presented hackers with new points of entry.
“So, you have small business owners with a limited number of employees but all of whom have been supplied with the necessary apps and tools that enable them to perform their duties to the highest standard and with speed and ease.
“However, many SMEs are unaware of what is called ‘Shadow IT’ where employees are using tools that are not officially sanctioned by the company. These are convenient access points for cybercriminals. Add to that the proliferation of smart devices – this broadens the opportunity landscape even further,” notes Searle.
Searle says one area often overlooked by SMEs is the crucial issue of security patching.
“Security patches are defined as software and operating system updates that aim to fix security vulnerabilities in a program or product. These updates literally ‘patch’ a hole in your defence, preventing a hacker or piece of malware from exploiting a way into your network. The Ponemon Institute is reported to have found that nearly 60% of data breaches could have been prevented by better patch management.
“Updating your software — whether through a rapid alert or regular software updates — can help keep your valuable information secure against evolving threats. Remember these software updates not only help your cybersecurity, but also your compliance and a compliant business is a far more saleable entity.
“If you are clever enough to have taken on a managed service provider (MSP), security patches are often sent as push notifications from the MSP administering your operating system, email, and web applications. One of the major advantages for small businesses who take this approach is cost, often an outsourced team suits SME budgets better than managing a full internal team – that’s even if you can actually find the necessary skills to do it effectively.
“Patching is an important practice to protect your company against malware, ransomware, and hacking attempts and a good MSP will ensure relevant patches are applied to your devices as soon as possible, thereby greatly reducing the risk to your business. A skilled MSP will deliver not only best practices in cyber security, but advice on the right technology solutions that will grow and secure your business and turn it into a highly saleable entity.
“If you didn’t think your ability to sell your business is intrinsically linked to your technology deployments and security practices, think again,” Searle concludes.