Businesses are increasingly using the internet to conduct their operations, which is great. However, this also means that cybercriminals are finding new ways to attack these businesses. Even smaller companies are at risk; in 2020 alone, more than 700,000 attacks targeted small businesses, causing $2.8 billion in damages, with these numbers rising every year.
Thankfully, there are steps you can take to protect your business from cyberattacks. One type of threat is ransomware, a type of malicious software that locks your computer until you pay a ransom. These attacks usually come through phishing emails and take advantage of unpatched software vulnerabilities. The Small Business Administration (SBA) offers resources and events to help businesses prepare for such attacks.
To prepare for ransomware and other cybersecurity threats, small businesses should:
1. **Train Employees**: Since employees and email accounts are common entry points for cyberattacks, training them on internet safety can significantly reduce risks. Resources like the Department of Homeland Security’s “Stop Ransomware” website and the “Stop.Think.Connect” campaign offer free training.
2. **Back Up Data Regularly**: Ensure your critical business data is backed up frequently. Using cloud solutions for backups is ideal, and make sure any physical backup drives are disconnected from the internet when not in use.
3. **Use and Update Antivirus Software**: Equip all computers with up-to-date antivirus and antispyware software. Configure the software to apply updates automatically to handle new security threats.
4. **Secure Networks**: Use a firewall and encrypt sensitive information to protect your internet connection. If you have a Wi-Fi network, make sure it’s secure and hidden by disabling the broadcast of the Service Set Identifier (SSID). Also, ensure your router is password-protected.
Cyberattacks are becoming more common and costly for small businesses. By identifying and managing risks to your business data, you can reduce the chances of falling victim to these threats.
**Understanding the Threat**
Small businesses are appealing to cybercriminals because they often hold valuable information but usually lack the robust security measures of larger companies. According to an SBA survey, 88% of small business owners felt their businesses were vulnerable to cyberattacks. Many don’t have the resources for professional IT solutions or adequate time to focus on cybersecurity.
Begin by learning about common cyber threats, assessing your business’s vulnerabilities, and taking the necessary steps to enhance your cybersecurity. The SBA is devoted to helping your business prepare for and defend against cyberattacks and other disasters.
Our partners, such as Small Business Development Centers, SCORE, Women’s Business Centers, and Veteran Business Opportunity Centers, offer coaching, workshops, and referrals to assist your business. You can access free education by visiting SBA’s online learning portal at SBA.gov/learning.
In collaboration with public sector partners, the SBA keeps small businesses informed and ready to tackle cybersecurity challenges. We also work with state government officials and will soon announce a Cybersecurity for Small Business Pilot Program funding opportunity on Grants.gov.
**About the U.S. Small Business Administration**
The U.S. Small Business Administration supports the American dream of business ownership. As a primary resource and voice for small businesses, the SBA empowers entrepreneurs with the tools and support necessary to start, grow, or expand their businesses, or recover from a disaster. The SBA delivers its services through a broad network of field offices and collaborations with public and private organizations. For more information, visit www.sba.gov.
