Why Cybersecurity Needs to be Prioritised as Small Businesses Face the Cost-of-Living Crisis

Written by Marcin Kleczynski, CEO and Founder of Malwarebytes.

Startups, scale-ups and other small businesses are feeling the pain as a recession looms.In the UK, the former prime minister before resigning Liz Truss announced During the winter, your utility bills will be halved. This definitely helped alleviate some concerns. Against the backdrop of rising inflation, small organizations need every bit of help.

As wallets get thinner, you may want to cut security costs. However, this can spell disaster, especially for small businesses.more than half (60%) go bankrupt within six months be hacked.

This is a particularly pressing issue in Europe, where cybersecurity attacks have steadily increased over the past decade. Businesses need to protect themselves from cybersecurity risks and not push them to the bottom. Most notably, ransomware attacks are on the rise and have established themselves as a leading method of cyber intrusion thanks to scammers exploiting users for huge financial gains. in the UK alone Estimated Attack Cost £27 billion a year. So it’s no wonder he saw a 22% increase in demand for cybersecurity roles in the UK. However, skill gaps can make filling these roles difficult.

The tight budgets that early-stage founders operate exacerbate this. As cybercriminals get richer, corporate finances are dwindling as they battle another battle: the cost of living crisis.and Increased electricity bill With brick-and-mortar-based businesses undermining, and the ongoing question of how well to balance salaries against rising inflation without breaking the business, it’s a tough time for all entrepreneurs. Hard lessons must be learned. Failure to prepare means that you are preparing to fail.

Why are small businesses targeted?

Not only do we underestimate the threats facing SMEs, 26% consider it a top priority, there are several reasons why smaller organizations are particularly vulnerable. The main difference between SMEs and large companies is their lack of access to resources. Lack of assets and knowledge about how cybersecurity works, as well as ignorance of which software is best, is holding small businesses back. Due to multiple unchecked vulnerabilities, small businesses are often more attacked than large, well-equipped businesses. Requires a robust security infrastructure, but Over 40% of companies have no in-house IT staff.

Ransomware is one of the major threats facing small businesses, exacerbated by the cost of living crisis. Already in a fragile financial position, they rarely have enough budget to pay for ransomware. Times of uncertainty create perfect conditions for cybercriminals to take advantage of. Vulnerable organizations are hunted down by criminals, forced to pay large sums, or risk sensitive data being compromised.

Phishing is another weapon used by cybercriminals. This allows scam emails, text her messages, or phone calls to trick the recipient into thinking you are talking to someone they know. Attacks have become much more sophisticated than attaching questionable links to emails, encouraging employees to download malware. Today, a huge amount of confidential data can be exposed. Small businesses and their employees may not have the expertise to identify these links.That’s why they roughly receive 4,500 suspicious emails every day.

How to strengthen your defenses.

To maximize your chances of fighting cybercriminals, first and foremost, back up all your important data regularly. In the event of a ransomware attack, backups will minimize damage and save you time and money. In addition, by encrypting communication, it is possible to prevent interception of important data by a third party.

Second, if you’re using Microsoft, keep an eye out for Patch Tuesday. This is Microsoft’s monthly release of security fixes for the Windows operating system (OS) and other software. Microsoft users are advised to download and patch their systems from the official website, as outdated software is quickly full of vulnerabilities.

Additionally, small businesses are likely to use hybrid or remote-first work environments, so endpoint protection is critical. Installing the right software with defenses developed specifically for resource-constrained businesses can reduce the attack surface. A cloud-hosted approach enables centralized endpoint protection that quickly detects and responds to threats. The best solution also removes all traces of a problematic attack (malware, etc.) and cleans up leftover files, code, or configuration changes that might otherwise go unnoticed.

Combining artificial intelligence (AI) and human heroes is the best way to detect and remediate threats. After all, it’s not realistic for everyone to be aware of all security threats, so it’s imperative to leverage AI-powered technology to fight cybercriminals in the background. Small businesses grappling with the growing complexity of maintaining GDPR compliance across a growing digital threat surface, exacerbated by a shortage of internal security talent, are looking to a managed service provider (MSP) to help. need to find solace.

MSPs provide small businesses with cost-effective, full-fledged security teams to protect against infection and reduce exposure. MSPs can be key allies in helping startups, scale-ups, and other early-stage companies overcome their security challenges. The right MSP not only protects against attacks but also helps founders achieve important business goals. This will allow your business to continue to thrive for years to come.

Beyond technology.

Technology is arguably the most efficient way to deal with cyber threats. However, the cost of living crisis hit, Parts of Europe are harder than anywhere else In a world where employees can become increasingly distracted, hackers can pounce. Cybercriminals do not hesitate in the face of financial problems. In fact, they usually double their efforts.Just this month, the National Cyber ​​Security Center (NCSC), part of the intelligence agency GCHQ, Scammers Exploit This Crisis Revealedgovernment, HMRC, and energy regulator, orchestrating phishing attempts by impersonating Ofgem.

Constant vigilance is essential. An effective cybersecurity employee education program that combats fear fatigue elevates cybersecurity as a strategic priority and ensures vigilance. 88% of cyberattacks Work with your employees to help raise awareness of the threat, as it is due to employee error.

Gamified security training that includes employee phishing can make a big difference. Because staff are easy targets, phishing simulation tests can be a productive way to teach staff what a malicious link looks like. people generally respond well It applies to many aspects of gamification, enabling rapid understanding and increased awareness of the evolving threat landscape.

Managing the cost of living crisis is difficult enough for small businesses. Layering your security network and increasing cybersecurity awareness among your employees can save your organization. European companies are Naturally cut the budget While various departments are working hard to get through this difficult time, founders aren’t doing themselves any favors by cutting security costs.