SMEs are increasingly becoming a prime focus for cybercriminals. The strategic importance of good cyber hygiene

Cyber threats are a significant concern for businesses of all sizes, so good cyber hygiene is imperative to safeguarding enterprises in the digital era.

In today's increasingly digitised world, cyber threats have become a significant concern for businesses of all sizes, including small and medium-sized enterprises (SMEs). These threats can range from

• Data breaches
• Phishing attacks
• Ransomware and
• Malware infections

They can devastate SMEs, leading to financial losses, reputational damage, and operational disruptions.

Despite often being considered less attractive targets than more giant corporations, SMEs are increasingly becoming a prime focus for cybercriminals.

This is due to several factors, including:

• Perceived vulnerability:
• Cybercriminals often assume that SMEs have weaker security measures in place, making them easier targets to exploit
• Lack of resources:
• SMEs often have limited resources to dedicate to cybersecurity, making it more challenging for them to implement and maintain robust security protocols
• Data value:
• SMEs still hold significant amounts of valuable data, such as customer information, intellectual property, and financial records, which are attractive targets for cybercriminals

The impact of cyberattacks on SMEs

• To put it simply, the consequences of a cyberattack can be devastating.
• They can result in substantial financial losses, reputational damage, and operational disruptions, impacting organisations for years.
• One-way enterprises can combat the potential risk of a cyberattack is through good cyber hygiene, which is the practice of taking simple and proactive steps to protect yourself and the organisation from cyber threats.

Denis Dorval, VP of International (EMEA and APAC) of JumpCloud, explains.

• That one of the reasons why SMEs have become a target for attacks stems from the widely held belief that these organisations possess less robust and well-defined security measures.
• Due to budget and resource limitations, SMEs often lack comprehensive cyber hygiene and end-user security awareness training, making them prime targets for phishing and social engineering attacks.

In addition, infrequent system updates, weak passwords, and unpatched devices further exacerbate their vulnerability.

• A staggering 25% of UK IT admins acknowledge using the same passwords across multiple applications as a significant security concern. However, despite recognising this issue, the adoption of password managers among UK organisations falls short of the global average.
• Only 58% of UK respondents utilise password managers, compared to 64% worldwide,
• Only 13% of the population plans to implement such tools soon.

When asked about their most significant security concerns, UK IT admins said:-

• Network attacks (40%),
• Ransomware (35%), and
• Software vulnerability exploits (28%),
• Password across different applications. (25%)

Dorval says:

• “The growing sophistication of security threats continues to plague IT admins within SMEs, and external threats are causing the most alarm.
• “Part of the solution is an IT environment built around identity.
• Identity is now at the core of every IT access transaction; it’s the new security perimeter.
• The ideal environment for SMEs, as it is for larger organisations, is to securely connect the right users with the right resources at the right time in the right way, no matter where users log in.”

The importance of adopting good cyber hygiene

• The growing sophistication of security threats poses a continuous challenge for IT admins in SMEs, with external threats emerging as the most concerning.
• By adopting good cyber hygiene practices, SMEs can significantly reduce their risk of falling victim to cyberattacks, which, in turn, can protect valuable assets, maintain their reputation, and ensure the continuity of their business operations.
• Investing in cybersecurity is not just about protecting against threats but also about gaining a strategic advantage.
• SMEs prioritising cybersecurity can demonstrate their commitment to data protection and customer trust, enhancing their reputation and attracting new business opportunities.
• Good cyber hygiene is a technical necessity and a crucial part of SME's strategy.
• By implementing effective cybersecurity measures, SMEs can safeguard their business, protect their assets, and thrive in an increasingly interconnected and vulnerable digital world.

Source

https://cybermagazine.com/articles/the-strategic-importance-of-good-cyber-hygiene

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