Small and medium-sized businesses (SMBs) are a vital driver of the economy, but they are, unfortunately, a primary target for cyberattacks. The 2024 Verizon Data Breach Investigations Report revealed a record-breaking number of breaches, surpassing 10,000 incidents across 94 countries. This is why the mistaken belief that SMBs are invulnerable to attacks should be discarded immediately, along with outdated cybersecurity practices that are holding SMBs back.
Why small businesses are frequent targets
Small businesses may not realize it, but they are often more attractive targets for cybercriminals than large corporations. Here are a few reasons why:
Limited IT resources
Unlike large corporations that have dedicated IT security teams, many SMBs operate with little to no in-house IT support, which increases their vulnerability to cyberthreats.
Lower security budgets
Many SMBs often prioritize cost savings over cybersecurity, leaving them with outdated software, weak security systems, and little investment in advanced tools. They don't realize the risks associated with this practice, such as data breaches, financial losses, and reputational damage.
Valuable data with weaker defenses
Small businesses store sensitive customer and financial information, but their security measures are typically weaker than those of larger companies. This makes them an easier and therefore more lucrative target for attackers.
Outdated cybersecurity practices your business should do away with now
Here are cybersecurity practices that no longer work and the modern strategies you should adopt instead.
Relying on antivirus alone
Traditional antivirus software only detects known threats, leaving businesses vulnerable to evolving cyberthreats like zero-day attacks and ransomware. A multilayered security approach, including endpoint detection and response (EDR), behavior-based threat detection, and AI-driven monitoring, is necessary to stay ahead of cybercriminals.
Using weak or recycled passwords
Weak passwords remain one of the easiest ways for hackers to gain unauthorized access. This is why it’s imperative for small businesses to enforce strong password policies, implement multifactor authentication, and encourage the use of password managers to generate and store complex passwords securely.
Failing to regularly update software
Cybercriminals actively exploit unpatched software vulnerabilities. In fact, Microsoft reported that 99% of exploited vulnerabilities were known for at least a year before being used in attacks. Small businesses should implement automatic updates and routinely patch operating systems, applications, and security tools to close these security gaps.
Failing to conduct cybersecurity training
Employees who lack cybersecurity awareness may fall victim to phishing emails, social engineering scams, and malicious links. Regular security awareness training helps employees recognize threats, as this reinforces good security habits and helps reduce risks.
Not having a data backup plan
Without a reliable backup plan, small businesses risk losing critical data permanently. Businesses should adopt automated backup solutions that include both on-site and cloud storage, ensuring that backups are encrypted and regularly tested for integrity.
Using outdated firewalls and security tools
Older firewalls and security tools often lack the capability to detect modern threats such as advanced persistent threats (APTs) and zero-day exploits. Investing in next-generation firewalls (NGFW), AI-powered security monitoring, and intrusion prevention systems can enhance cybersecurity defenses, ensuring threats are detected and mitigated in real time.
Not thinking about insider threats
Many small businesses focus on external threats such as hackers and malware but overlook the risks posed by insiders, whether malicious or unintentional. Employees, contractors, or even disgruntled former staff members can misuse access privileges or unintentionally expose sensitive data.
Instead of assuming all threats come from the outside, SMBs should enforce the principle of least privilege, conduct regular security audits, and invest in insider threat detection solutions to mitigate internal risks.
SMBs will continue to be a target as cybercriminals keep casting a wide net. To strengthen your SMB’s cybersecurity, get professional IT support from Healthy IT. Contact us today.