Is Your Small Business Vulnerable to Cyber Threats? Insights from Laura Bell Main
In today's digital landscape, cybersecurity is no longer a concern exclusive to large enterprises. Small businesses are increasingly becoming prime targets for cybercriminals, and yet many entrepreneurs dismiss the risks, believing that hackers only go after major corporations. In a recent episode of the Common Cents Show, cybersecurity expert Laura Bell Main, CEO and founder of SafeStack, shared invaluable insights on how small businesses can protect themselves from cyber threats.
Why Small Businesses Are Attractive Targets
Many small business owners assume that cybercriminals only target major corporations with deep pockets. However, as Laura pointed out, 43% of cyberattacks are aimed at small businesses, and an alarming 60% of those companies go out of business within six months of a breach. Cybercriminals often prefer small businesses because they tend to have weaker security measures, making them easier to exploit.
Understanding the Biggest Cybersecurity Risks
Laura emphasized that 80% of cyberattacks are simple, opportunistic hacks that exploit common vulnerabilities. The most frequent threats small businesses face include:
Invoice Fraud: Attackers alter payment details on invoices, redirecting funds to their accounts.
Phishing Emails: Fake emails trick employees into revealing sensitive information or clicking malicious links.
Weak Passwords & Account Compromise: Reused or easily guessed passwords make it easy for hackers to access sensitive data.
Practical Cybersecurity Steps for Small Businesses
Laura offered three simple, yet powerful strategies to strengthen your business’s cybersecurity:
Improve Password Security
Use unique, long passwords (consider using a song lyric or phrase you can remember).
Enable two-factor authentication (2FA) for all important accounts.
Utilize a password manager or browser-based password storage like Google Password Manager.
Keep Your Software Updated
Enable automatic updates for all devices and applications.
Regularly update your business's website, especially if it's hosted on WordPress or Shopify.
Assume a Breach Will Happen
Develop a response plan for incidents such as phishing attacks or fraudulent transactions.
Educate employees on recognizing and reporting suspicious activities.
Utilize resources from national Computer Emergency Response Teams (CERTs) for guidance.
When Should You Hire a Cybersecurity Expert?
Many small businesses don't know when to invest in professional cybersecurity services. Laura recommends seeking expert help when:
Your business operates in a regulated industry (finance, healthcare, etc.).
You store sensitive customer information and handle financial transactions online.
Large corporations require you to meet specific security standards before doing business with you.
Free Cybersecurity Training for Small Businesses
Laura and her team at SafeStack offer free cybersecurity awareness training for small businesses. Their program includes 10 short modules covering essential security practices, and businesses can train up to 50 employees at no cost. You can sign up for their free plan at SafeStack.io.
Final Thoughts
Cybersecurity doesn’t have to be expensive or complicated. By implementing simple security measures, you can significantly reduce your risk of falling victim to cyber threats. Small changes, such as enabling two-factor authentication and keeping software updated, can make a big difference in keeping your business safe.
Want to dive deeper into cybersecurity for your business? Listen to the full episode of the Common Cents Show featuring Laura Bell Main for more expert tips and insights!
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