Small businesses deserve better security solutions

14 Jun, 2021
Rudy Lim
Rudy Lim
Global Operations Director
It’s no secret that data loss is part and parcel of any functioning business. These days, hardly a week goes by without news of a data security breach at a well-known multinational corporation. But the problem is, bigger companies have the luxury to invest in preventive data security solutions which means they can approach ransom demands and fines as routine business decisions. Many small businesses don’t have this luxury. 

For a small business, falling victim to security breaches and malware attacks can produce irreversible and devastating domino effects. To read more about how SecureAge is helping small businesses click here.

Cyberattacks can be lethal for small businesses

A study by the Ponemon Institute found that the number of small businesses facing data breaches increased by 63% in 2019. Yet, a SMB Cyberthreat Study - which surveyed over 500 senior decision makers at small businesses – also found that  66% of small business owners believed they would not fall victim to a cyberattack.

This reveals a widespread misconception among the SMEs, that data breaches and cyberattacks only happen to the big boys! But that simply is not the case. 

In a 2020 report by Verizon, one in three data breaches involved small businesses. 

Although small businesses may not have been the top targets of cybercriminals in the past, the world is changing. On the back of the prolonged COVID-19 pandemic, which has necessitated the sudden global shift to teleworking, small businesses are now more susceptible to data breaches. 

This is driven in part by the fact that these businesses simply do not have the resources or robust security solutions in place to detect time-bombed ransomware. Many small business owners are simply unaware that a cybercriminal can easily penetrate their company network and prepare for data destruction without anyone even knowing. A random demand would be issued days or weeks later, well before the business owner becomes aware of the infiltration. 

A report by IBM Ponemon Institute in 2019 shows that it takes an average of nine months for a small business to discover and remediate a data breach.

The truth is, when cybercriminals mount attacks on multinational corporations, they are up against either in-house capabilities who are on standby 24/7, or, sophisticated third-party security operation centres. SMEs clearly don’t have these capabilities and as such, they become easier targets. Hackers know that without proactive data security solutions, smaller businesses are sitting ducks for cyberattacks.

‘Band-aid’ security solutions are not helping

Unfortunately, it’s the small businesses who are most in need of accurate information on data security that are the least informed. External security threats aside, internal threats are just as risky, and reactive patch solutions are not sufficient. 

In fact, what we’ve found in our 18-year history is that the bulk of the data stolen from SMEs is actually pilfered by someone inside the organisation. This occurs simply because information is left exposed and unprotected.

That’s why advice to ‘train your team on cybersecurity’, ‘rely on cloud providers’ or ‘depend on cyber insurance’ is flawed. This lethal combination of misconceptions is dangerous and it’s putting more and more small business owners in the red. To read more about why this advice is flawed, read our whitepaper for SME’s here

The unfortunate reality is, as the lure of funding rounds, lead generation services, and award applications, moves up the to-do list, cybersecurity is getting deprioritised by small business owners. Of course, ROI metrics are important, but the inconvenient truth is a business that cannot survive a cyberattack will have no metrics to measure if it cannot survive a data breach or malware attack.

Rome wasn’t built in a day - but it sure was destroyed in one.

As small businesses race to launch new initiatives, speak to new audiences, and differentiate themselves through digital innovation, the common threat of data security remains. 

We know that building a cybersecurity culture takes a lot of work. But, without even considering the need for constant vigilance and attention to all the potential threats worldwide, we need to remember that the people we employ are human, and humans always make mistakes.

That’s why we designed two simple data security solutions, the SecureAge Security Suite, and SecureAPlus, which place security and usability on equal footing. 

The SecureAge Security Suite is a data protection software that uses PKI-based encryption technology to protect every file, every time. Most alternative security solutions only provide data encryption for files in-storage, but the SecureAge Security Suite ups the ante by protecting files in-use and files in-transit. 

SecureAPlus is an endpoint application control which offers proactive malware protection from both known and unknown malware by using a zero-trust and block-first approach. This exceeds the capabilities of traditional anti-virus solutions which are only able to block known malware.

Most importantly, the SecureAge Security Suite and SecureAPlus do not require excessive financial investments, do not rely on humans for manual updates, and do not require you to overhaul your business operations to implement them. With our security software you really can have your cake and eat it too.

The future of cybersecurity for small businesses

Demand for proactive cybersecurity and data security solutions for small businesses is rising not just because of cyber threats - the threats will always be there. It’s rising because existing cybersecurity and data security solutions are simply not working. 

As multinational corporations take the limelight every time there is a data breach, we need to be aware that the lesser-known, yet just as devastating news of the small business owner who suffers a data breach, does not appear on our newsfeeds. But just because we don’t hear about it, doesn’t mean it’s not happening. 

Data security should never have become so complicated. With the SecureAge Security Suite, and SecureAPlus, small businesses can protect all their data, avoid malware destruction, and skip the complexity of cybersecurity training entirely.

Remember, an ounce of proactive prevention is better than a tonne of aftercare band-aid solutions!

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