Cyber Risks for Small to Mid Sized businesses - What you should Know?

The small and mid-sized businesses are most vulnerable to malicious attacks because of their inability to create an excellent networking system. The biggest security threats in the past and present make the Cyber Security the most discussed topic. Let us now have a look at 5 Cyber Security risks to SMBs:

1. Irresponsibility of People

The people working in the organization are the weakest link in cyber security leaks. They are most prone to ‘Phishing Attacks’ that makes them lose confidential office data. The hackers can gain an access to the personal emails of the company’s employees through the deceptive E-mails that looks genuine. The hackers trick the users into this action whereby if the users download any file or click on the link that will expose the confidential data

2. Password Leakage

The password leakage generates many problems in the workforce as it can lead to loss of secured organizational data. The business houses must keep in mind the following pointers:

• Two-Factor Authentication or 2FA - The two-layer security not only involves knowing about the username or password but the thing that only a user knows like an answer to security question, receiving a code on their numbers or using any other personal account to send a verification code.
• Strong Password - Users need to maintain strong passwords with special characters, numbers, or letters that must be at least longer than eight characters.
• The need of Password Manager Software -  A Password Management Software helps the users to remember their changed passwords. It tends to avert using same passwords on every online account. If someone is sharing your device, the people can work without barging into your personal accounts.
• Password Policy - This is a policy implemented by either your it department or Outsourced IT company and forces a password change across the network and for every user.  It also encourages the use of strong password and avoids password leakage by changing it ever so often.  Implementing a password policy across your organization is vital to keeping your network secure.

3. Initiating Patch Management

One of the biggest hacks was the equifax hack that affected millions was initiated by failure to patch.   Most of the OS releases security patches that facilitate in updating the system and avoiding security lapses or malware attacks. Regularly patching should be a priority for all businesses to avoid what happend in the equifax hack. You may consider using these steps for an effective patching policy and plan.

• Microsoft Security Patching - It is also known as ‘Patch Tuesday’ under which Microsoft releases security patches on second or fourth Tuesday of every month. These patches help the users to safeguard their Windows Operating system.
• WannaCry - This Ransomware attack happened in May 2017. It exploited ‘critical vulnerability’ in the Windows Operating system namely Eternal Blue. The malware spread within seconds with its help since the patch that was released in March by Microsoft was not applied fully.
• Petya Ransomware - It affected millions of businesses across the globe in June 2017. This Ransomware also used Eternal Blue, propagated through SMB spreading techniques even if these organizations have patched against the Windows Eternal Blue. It infected the systems with the support of ‘MEDoc’, taxation and accounting software package used, firstly, in Ukraine.

4. Clients, Vendors, and Other Companies are Weak Links

The third parties are a backdoor link to the hackers most of the times. You can remain assured about your system security, but it is necessary to know about the security of third parties too. Like, the Petya that affected millions spread through a software package namely ‘MEDoc.’ This can cost your company a loss of confidential data as well as million dollars. To curb the Cyber Security risk from third parties, the company can use dedicated servers only for others or do network segmentation.

5. Risk through BYOD

Should your employees bring there personal BYOD devices from home? - think again.  Before you allow personal devices (cell phones, tablets, laptops) read 6 BYOD Security Risks You Should know About.  This Bring Your Own Device Policy (BYOD) has created an alarming situation for the organizations so the employers need to look at the risks or mitigate them to avoid any kind of occurrence of problems in the future.

• BYOD Risks: - This policy encouraged employees to use their own Smartphones, tablets or laptops in order to cut out the organizational cost. However, it poses a risk to the SMBs with malicious attacks due to the usage of Unvetted apps, device access to non-users, using third-party Wi-Fi hotspot, etc. Check our our blog on 8 Vital ways to Mitigate BYOD Security Risks.
• Mitigate the BYOD Risks - The BYOD policy can facilitate the employees to curb this menace by avoiding the use of third-party apps, report to the company in case of device theft, use strong passwords, 2FA, etc.
• Smart Phone Security - The MDM policy supports companies to curb the usage of malicious apps and curb any kind of attack on the organizational network. The efficient Smartphone policies can help the companies to secure their devices against attacks like Equifax Hack.

To sum up, it can be seen that the only key to avoiding the Cyber Security Risk is to provide training and education to the employees regarding present-day security threats. This can only save the organization from any kind of data or monetary loss.

Cyber security is a moving target and it is becoming more and more difficult for an in house IT staff to keep up with all of the variables & vulnerabilities.  This is why businesses large and small are tending to outsource many of these functions to Experts that have the tools in place and experts in the field.  CTG Tech offers Fully Managed Network Security Services  to ensure your business is protected and cyber threats are stopped before they become a threat.

Call us today and request a free network network security audit or click here and fill out the form.  Also, check out our about us page and see the many awards we have earned and being a top tiered Managed IT Services Company world-wide.