All businesses, regardless of size, are susceptible to a cyberattack. Anyone associated with a company, from executive to customer, can be a potential target. The hacking threat is particularly dangerous to small businesses who may not have the resources to protect against an attack let alone ransomware.

Norman Guadagno, a senior marketing officer at Carbonite, has said that “almost one in five small business owners say their company has had a loss of data in the past year,” with each data hack costing anything ranging $100,000 to $400,000 [about ₦37,500,000 to ₦150,000,000]. It, therefore, pays to understand cybersecurity to better protect you and your business.

Ransomeware Risks
Ransomware attacks can be especially devastating for small business owners. When hackers seize your data, encrypt it, and demand money in exchange for the key to unlock that data, you are truly at the mercy of the criminals.

Given that smaller businesses are likely to have weaker protection than larger ones, it is important that adequate steps are taken to properly secure your information. Ensure that software and hardware is up to date and change passwords often.

Cloud-Based Security
Using some sort of central data vault is a popular solution for business security. There are a great many companies which provide this service, from the large Nokia Networks to smaller bespoke groups.

The advantage of this approach is that you will have access to the cyber expertise of the vault company while also possessing a significant degree of control over the cloud system you will be using. The disadvantage is that adopting this approach does not make your company immune to hackers since there are points of attack either at the vault company or at your own. But you are at least in expert hands.

Biometric Security
Smartphones are already using thumbprints for user identification purposes, but 2017 promises to deliver even more advancements along these lines. Biometric systems will be able to analyze and evaluate every part of your company’s security features. Touch pads will have sensors able to identify a user from their computer habits like typing speed and even online browsing taste.

The Internet of Things (IoT) is such that security measures are under increasing scrutiny as multiple devices, over ever-expanding distances, can be linked together. This facilitates speedier data sharing and storage as the hardware (and the businesses using the hardware) becomes more familiar to users. But it also means that device-level security must be effective if it is to minimize the risk of an effective cyber attack – multiple-factor authentication is needed.

Increased Automation Assists Security Staff
Biometrics, the cloud, and the increasing prevalence of the IoT are signposting an expanding role for automation in cybersecurity. When the smart systems already mentioned combined with the human element of a security process, a strong deterrent against criminals can be created. Automated technology constantly reviews your protection arrangements, looking for possible gaps and plugging them. The use of these systems complements the work of your staff and safeguards your business against all but the most determined attackers.

Cybersecurity is evolving as it tries to keep pace with increasingly sophisticated hack attacks. This is why it is important to secure your business effectively by taking expert advice. The cost to businesses of cyberattacks is already monumental, and it is growing. Consumers are also becoming more aware of the dangers of computer crime and they will often take their custom to those businesses which take data security seriously. Being small is no excuse for businesses – they must pay heed to industry advice and ensure that they are properly protected against cybercrime in 2017.