Where there’s information, there’s money! Cybercriminals know the opportunity that lies in the zeros and ones of every business and personal device.
If you’re a business owner and see the ransomware threats and headlines about data breaches, it’s easy to feel overwhelmed. How will your business survive if you fall victim to a cyber attack? What are the emerging trends in cybersecurity that you should be aware of in 2024? Here’s everything you need to know:
What Is Cybersecurity?
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes.
Effective cybersecurity measures include multiple layers of protection spread across the computers, networks, programs, or data that one intends to keep safe. Just like a physical building might have a gate, security cameras, a guard, and locks on the doors and windows, effective cybersecurity must be built around several different layers of digital protection.
Is It Really a Threat?
Cyberattacks hit headlines all the time but is it a threat to your business? Here are a few cybersecurity stats to understand whether it should be on your radar or not:
- 162 billion spam emails are sent every day
- The average cost of a data breach is 4.45 million dollars
- In a survey with 1,000 US business owners, 50% say they’ve experienced “harmful cyber activity”
- From that same survey, only 64% of businesses have an in-house employee or third-party vendor dedicated to cybersecurity services
- Double the amount of small business owners say they’re worried about their ability to recover from a cyberattack when compared to owners of large organizations
How Cybersecurity Affects SMBs
Small and medium-sized businesses are particularly vulnerable to cyber-attacks due to limited resources and often inadequate security measures. It’s crucial for SMBs to understand the risks and implement effective cybersecurity strategies.
Without cybersecurity services, SMBs face a variety of threats, including phishing attacks, ransomware, and insider threats. These attacks can lead to significant financial losses, reputational damage, and operational disruptions.
Small Business Owners Should Be Most Worried About Ransomware
Ransomware: the most frustrating and profitable cyberattack. Ransomware is a type of malware that encrypts your computer files, rendering them inaccessible until you pay a ransom to the attacker. Cybercriminals pulled in over 1 billion dollars in ransomware in 2023 alone, showing how lucrative it can be.
Quarter two of 2024 saw a 20% increase in the number of organizations listed on ransomware leak sites compared to quarter one. Shifts in cybersecurity services and the setup of cybercriminal groups suggest that while ransomware services are advancing, so are the skills of the people trying to get around them.
Big companies are a major target—one cybercrime group extorted $22 million from UnitedHealth Group—but small businesses should keep their guard up. With less advanced cybersecurity (or none at all), small businesses are easy targets for ransomware attacks.
Is Your Business Struggling With These Inadequate Security Measures?
Cybersecurity services for small businesses can feel overwhelming, especially if you think about hiring, training, and maintaining a whole in-house team. However. there are many cybersecurity services that have simple and cost-effective implementation.
Multi-Factor Authentication
Multi-factor authentication (MFA) is a critical security measure that adds an extra layer of protection to your accounts. Despite its importance, only 46% of small businesses use MFA and on top of that, a mere 13% require employees to use it. This leaves the majority of businesses vulnerable to attacks.
Data Backup Practices
Data backup is essential for recovering from cyber-attacks. However, many businesses neglect this crucial step. 39% of business owners say they need to access backed-up data at least once a month due to archived or deleted data, hard drive failure, and cyberattacks.
The Role of IT Providers
Partnering with a reliable IT provider can significantly enhance your cybersecurity posture. IT providers offer expert knowledge, advanced tools, and proactive monitoring to protect your business from threats.
How GiaSpace Can Help
GiaSpace offers a comprehensive suite of cybersecurity services designed to protect your business from digital threats. From expertly designed systems to safeguard your network to advanced security measures for cloud storage, GiaSpace has you covered with:
- Proactive Solutions: Our proactive solutions include around-the-clock monitoring and swift response to threats, minimizing risks and ensuring quick recovery from ransomware attacks. With GiaSpace, you can rest assured that your business is always protected.
- Expert Guidance: GiaSpace’s team of top cybersecurity experts provides valuable insights and strategies to help your business stay ahead of emerging threats. Our commitment to your security ensures that you receive the best possible protection.
Reach out today to see if GiaSpace is the right fit for your cybersecurity services!
