October was National Cybersecurity Awareness Month (NCSAM), a time dedicated to raising awareness about the importance of cybersecurity in every facet of our lives, from personal data protection to safeguarding businesses of all sizes. Established in 2004 by the U.S. Department of Homeland Security and the National Cyber Security Alliance, NCSAM promotes best practices and provides resources to help individuals and businesses stay protected in an increasingly digital world.
The theme for 2024 was “Secure Our World.” We’re increasingly living and working in the digital world with more of our data and information online. At Cowbell, we believe that the most effective defense is first and foremost to give companies the tools to decrease their risk exposure. Everyone has a part to play in helping maintain a safe and secure digital ecosystem – especially small businesses that underpin so much of the economy.
The Importance of Cybersecurity
Every business—regardless its size—is at risk of a cyberattack. Hackers don’t just target large corporations; small businesses are increasingly vulnerable due to limited resources for cybersecurity. According to a recent Hiscox report, 41% of small businesses fell victim to a cyber attack in 2023, a rise from 38% in the 2022 report and close to double from 22% in 2021. The stakes are high, and cybercriminals are becoming more sophisticated.
National Cybersecurity Awareness Month serves as a reminder for businesses – especially small businesses – to implement proactive measures to protect themselves. In today’s risk environment, cyber security extends beyond protecting sensitive business data; it also must include safeguarding customer trust, intellectual property, and operational continuity.
How Cybersecurity Impacts Small Businesses
For small businesses, a cyberattack can have devastating effects:
- Financial Loss: Cyberattacks can result in immediate financial damage through stolen funds or extortion demands from ransomware attacks. Businesses may also face costly lawsuits if customer data is compromised.
- Reputation Damage: A breach of customer data can lead to a loss of trust, which is hard to regain. Small businesses are often built on a foundation of pride and trust with their own customers; a cyberattack will easily shake that very foundation and those relationships that may have taken decades to build.
- Operational Disruption: A cyberattack can bring business operations to a halt, resulting in downtime and lost revenue. For small businesses that run on tight margins, even a short disruption can be catastrophic.
Check Yourself – Three Ways Small Businesses Can Protect Themselves
Small businesses must prioritize cybersecurity to safeguard their operations. Here are three practical steps that small business owners can take today:
- Implement Strong Passwords and Multi-Factor Authentication (MFA)
One of the simplest yet most effective defenses against cyberattacks is to ensure that employees use strong, unique passwords and enable MFA wherever possible. MFA adds an additional layer of security, requiring users to verify their identity through a second factor, such as a code sent to a phone or an authentication app. This can prevent unauthorized access, even if passwords are compromised. - Educate Employees About Cybersecurity Best Practices
Cybercriminals overwhelmingly attempt to exploit human errors, such as phishing scams, where fraudulent emails trick employees into clicking malicious links or providing sensitive information. Regular cybersecurity training helps employees identify and avoid these attacks, turning employees into the first line of defense. At Cowbell, we believe a well-informed team can significantly reduce the risk of breaches. - Keep Software and Systems Updated
Cybercriminals often target vulnerabilities in outdated software and systems. Regularly updating software—whether it’s operating systems, antivirus software, or any applications—can address cyber risk associated with known vulnerabilities and make it harder for attackers to gain access. Automated updates and regular system checks can help small businesses stay protected.
National Cybersecurity Awareness Month is a vital reminder that cybersecurity should not be an afterthought—especially for small businesses. By recognizing the risks, understanding the potential impact, and taking proactive steps, small businesses can strengthen their defenses and protect their future. October is a good time to assess your company’s cybersecurity practices and make the necessary changes to stay secure.
