5 Common Cybersecurity mistakes SMBs make and how to avoid them

Global cyber attacks increased by 38% in 2022 and are expected to continue increasing this year. At this rate, individuals and businesses are expected to lose about $10.5 trillion annually by 2025.

Considering how essential remote data-sharing has become, practising good Cybersecurity is more crucial now than ever. Fortunately, despite reports that over 390,000 new malware get detected daily, avoiding certain common cybersecurity mistakes significantly reduces your risks. 

With the ever-evolving world and looming technological advances, it becomes necessary for a daily internet user to understand what Cybersecurity entails, common cybersecurity mistakes, and steps to take to avoid these mistakes.

What are Cybersecurity and Cyber Attacks?

Cyber attacks are malicious attempts by hackers to compromise a computer system and steal or destroy information. Such attacks, when successful, can lead to the loss of personal data and funds or damage your business reputation. 

Cybersecurity shields your computer systems, networks, servers, etc from such attacks.

Common Cybersecurity mistakes and how to avoid them

1. Living in Denial of a Common Foe

If you, as a small and medium-sized business, read about cyber attacks on big firms but believe you're not a target, you just opened yourself up to one. With over 43% of all data breaches involving SMBs, hackers clearly do not care about the size of their targets. 

Instead, take steps to protect your business data and stay secure.

Multifactor authentication (MFA) or two-factor authentication is an easy yet effective way to ensure your accounts' security. But, many individuals and SMBs fail to recognise this. Thus, failing to activate 2FA makes you an easier prey for cyber attackers. Never ignore it!

2. Using Unprotected Public Wi-Fi

Using unprotected Wi-Fi in a cafe, restaurant, or public bus is always dangerous. This is never a time to try accessing your personal or business information. If you must use such convenience, first secure it by purchasing and installing reliable VPN software or learning about using antivirus software for improved data security.

3. Ignoring Remote Work Security

It's not just the employees who must be secure when working remotely—their devices and networks also require protection. Businesses should carry out regular security audits, provide security training, and use secure connection protocols like VPNs. They should also stay up to date with the latest remote work threats and adjust their security practices accordingly.

4. Ignoring Regular Data Backups

Regularly backing up data is crucial in case of a cyber-attack. In today's digital world, data is the currency, and its loss can be as devastating as a financial bankruptcy. 

Businesses can ensure the safety of their data by scheduling regular backups and storing them securely, preferably off-site or in a cloud service with robust encryption. Doing so can make you confident that your data can be recovered and restored, even in the worst-case scenario.

5. Lack of Cybersecurity Insurance

Cyber insurance is more than an optional add-on. It is an essential component of a comprehensive risk management strategy, yet most SMBs ignore it. Cybersecurity insurance will also help you choose the best antivirus software for firewall protection and overall internet security.

Cybersecurity insurance provides peace of mind by ensuring that in the event of a breach, the financial consequences will be minimised. This allows the business to concentrate on operational recovery and reputation management. As cyber threats become more complex and widespread, the importance of cyber insurance only grows.

Conclusion

Avoiding these common cybersecurity mistakes only protects you from common cyber attacks. Hackers are constantly devising new means to exploit your business data. Therefore, regardless of the software you use, managing your business's Cybersecurity alone cannot combat these evolving attacks.

Some levels of Cybersecurity can only be combated by pros with up-to-date knowledge and cutting-edge expertise. So, you can breathe easy and focus more on growing your business when you get support from qualified IT professionals and avoid the common mistakes stated earlier.