The Danger of Ignoring Small Business Cybersecurity in Denver
When you run a business, there are some things that you can put off until tomorrow—cybersecurity is not one of those things. If you don’t give cybersecurity the attention it deserves, you could face system outages, data breaches, or even fines. Ignoring cybersecurity at your Denver small business can cause irreparable damage and put your livelihood at risk.
Small businesses are hit disproportionally hard by cyberattacks, especially in Colorado. A recent analysis by Kiteworks found that Colorado has a risk score of 7.96 out of 10, which is the highest in the United States. There is a constant threat of cybercrime, and the attacks are only becoming more sophisticated.
Can your Denver small business afford a cyberattack?
Danger #1: Outages
An outage is any disruption to technology that causes downtime to business-critical services or applications. It could be a file that locks your system, an attack that makes services unavailable to users, or an unpatched security flaw that crashes an application. Cybersecurity outages at a Denver small business have many causes, but we’ve listed three of the most common below.
– Ransomware: Ransomware is often distributed through infected links in phishing emails and malicious websites. If someone in your organization clicks the infected link, it installs malware that locks your IT assets. The criminal will then request a ransom payment to remove the malware.
– Denial of Service (DOS) Attacks: A denial-of-service attack is just what it sounds like—an attack that denies service. The goal of a hacker in this situation is to cause disruption. This could be part of a larger plan to cause confusion and prepare for a breach, but it is usually for the purpose of extortion, blackmail, or revenge.
– Zero-Day Exploits: Most software development teams have dedicated cybersecurity professionals whose job is to identify vulnerabilities before releasing the software to the public. Unfortunately, flaws will sometimes go unnoticed. If cybercriminals learn of the vulnerability before a security patch is released, they can exploit the flaw and cause outages.
Understanding the Danger of Outages at a Small Business
Whether your business operates online, as a brick-and-mortar, or even within a service area, outages can be debilitating. It’s easy to imagine the damage that an outage could inflict on an online business, but the effects can be just as devastating for more traditional businesses.
A recent study from SolarWinds found that the average cost of downtime for a small business can range from $137 – $427 per minute. If your outage lasts for 8 hours, you may lose out on upwards of $204,960. It’s a risk that you can avoid by investing in a sound cybersecurity strategy.
Danger #2: Data Breaches
It’s easy to forget how valuable data is. While it might just seem like numbers and words, it represents much more than that. Personal identities, accounting information, and trade secrets are all at risk in a data breach. Even well-established companies are vulnerable to breaches, which is a reminder that a business should never ignore cybersecurity.
Protecting yourself from devastating data breaches means understanding how they happen. Each method requires a unique defense strategy, so it is crucial to speak with a cybersecurity professional as soon as possible to make sure your business is protected.
– Social Engineering: Making mistakes is part of being human. Clever criminals will take advantage of this and manipulate your employees to gain unauthorized access. Phishing is the most popular method, and it involves sending a malicious email under the pretext of legitimacy. Training your staff on how to identify phishing and other social engineering attacks is vital.
– Brute Force Attacks: If at first a hacker doesn’t succeed, they will try again and again, until they are successful. The method uses software that makes a high volume of login attempts using various password combinations until access is achieved. The first line of defense against brute force attacks is to enforce a strong password policy.
– SQL Injection: Structured Query Language (SQL) is a coding language that was created to create and interact with databases. SQL injection is when a skilled hacker writes an SQL command and submits it into a vulnerable field on your website, such as a login page. The SQL injection allows the hacker to bypass authentication and gain unauthorized access to sensitive data.
Understanding the Danger of Data Breaches at a Small Business
A small business that experiences a data breach will lose much more than data. In addition to personal information, trade secrets, and other sensitive data, you will have to deal with the intangibles, namely loss of customer trust. A recent Centrify study found that approximately 65% of data breach victims felt distrust toward the business responsible. Large brands have the money and widespread loyalty to overcome breaches. Small businesses typically aren’t so lucky.
Danger #3: Penalties
On top of damaged loyalty, periods of downtime, and lost data, small businesses that neglect cybersecurity may also face severe penalties and fines. These fines can range in severity from $2,000 to $20,000 per violation, which is salt in an open wound for small business owners recovering from a cyberattack.
The good news is that these fines are 100% avoidable. It’s not your fault that your business was attacked. The penalties will only be enforced if you did not take appropriate steps to protect the data. Practicing diligent IT compliance will ensure that you obey all data privacy mandates and protect you from prosecution.
However, this isn’t just about complying with regulations. It’s about showing due diligence in protecting the information entrusted to your business and giving your employees and clients peace of mind.
Protect Your Business: Partner with Leading Cybersecurity Experts in Denver
The dangers of ignoring cybersecurity at your small business are very real. The Cyber Readiness Institute found that 55% of small to medium-sized businesses consider their cybersecurity capabilities “ineffective” or “somewhat ineffective.” Combine the low levels of preparedness with Colorado’s higher-than-average chance of attack, and you have a recipe for disaster.
If you count yourself among the 55% of businesses that don’t trust their cybersecurity, it’s time to make a change.
At Aspire Technology Solutions, our Managed IT Services include everything that your Denver small business needs to protect itself from cybercrime. Don’t wait until it’s too late—reach out today for a consultation.
