Cyber security guide for the entrepreneur

It isn’t easy to live and work today without confronting the concept of cyber security. We’re constantly bombarded with stories about the insecurity of our personal and professional information from identity theft to virus-infected attachments to massive data breaches. Yet it’s becoming almost impossible to engage in the world without exposing ourselves to these kinds of risks.

Entrepreneurs and business owners may be especially concerned about their security approach, as it’s not just their livelihoods they need to worry about. The security of their employees, their customers’ privacy, and the reputation of their company could be at stake.

What is cyber security?

Cyber security, also known as information technology security, refers to the technologies and practices created to protect computers, networks, programs and data from unauthorized access, theft or malicious attacks. The attacks usually aim to destroy data and systems, extort money or commit other cybercrimes, such as fraud.

Should entrepreneurs and small businesses be concerned?

Yes. Cyber attacks happen every day to every kind of business and individual, but they can happen thousands of times per day to a single computer. According to a recent international survey, 61 percent of companies experienced a cyber attack incident in 2019, up from 45 percent in 2018.

Plus, while many of us might assume hackers go after larger businesses with more resources, small businesses make up a considerable percentage of attacks. According to a 2019 Verizon report, 43 percent of all data breaches target small businesses. Analysts theorize that this is because smaller organizations don’t always have the kind of security infrastructure that larger ones do. In other words, small business cyber security is just as important as that of large corporations.

Data breaches and other cyber attacks can cost businesses a lot of time, energy and money. Some analyses put the cost of a data breach in the millions. A breach could also potentially cost you your reputation and customer trust, especially if your company deals with consumer data.

A few of the most common cyber attacks

Malware

Malware is the umbrella term for malicious software that can enter a computer or network and block access to data or programs, damage files or steal information. Exposure can often happen when a user clicks on a link or opens an attachment.

Ransomware  

Think of ransomware as a specific kind of malware used to extort money from victims. An attacker will, for example, infect a system, encrypt the data and hold it hostage until the victim pays a ransom of some kind. This practice is one of the fastest-growing types of cybercrime; some researchers expect a ransomware attack every 11 seconds by 2021.

Phishing

This type of attack arrives, often by email, disguised as a reputable source. The aim is usually to steal personal data or install malware. This attack is also becoming more common.

Man-in-the-middle attack

In this form of attack, hackers interfere with a transaction or communication of some kind, stealing information as it travels from one place to another. Hijacking your sensitive information often happens through an unsecured public WiFi connection.

DDoS attack

A DDoS (Distributed Denial of Service) attack is a powerful threat against websites, networks and online services that can happen when a hacker floods a system with fake internet traffic and thus overwhelms and shuts it down. DDoS attacks come in many forms but ultimately prevent legitimate traffic from accessing the system, resulting in potential financial losses and other business issues.

SQL injection attack

SQL (Structured Query Language) is a programming language associated with database management. During a SQL injection, the attacker inserts malicious code into the server that uses SQL in order to reveal sensitive information, such as private customer data.