Small Businesses: Protecting Against Cyberattacks & Minimizing Risks - Essay Sample

Introduction

Cyber attacks are growing for small businesses over the years. The costs of cybercrimes, according to the FBI's internet crime, were reported to reach 2.7 billion in 2018( Bressler, & Bressler, 2019). Since small businesses have information that hackers want and also because they lack the necessary resources, it makes them more attractive targets. To cope with the threats, it is, therefore, essential to understand the risks associated with hackers and how to prevent them from happening. The paper will give a detailed explanation of the types of threats and provide preventive measures for each.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

One of the risks associated with internet security for small businesses is fraud risk. According to a survey by the University of Cincinnati, about 64% of small businesses have been faced with fraud. This is not as concerning as the impact that the fraud cases have had on small businesses. The cost of fraud cannot only be measured in terms of financial loss but also it affects the worker's productivity and may cause an emotional toll on its victims. Hackers perpetrate fraud by exploiting the weak cybersecurity measures put in place by small businesses. The hackers can, for instance, may impersonate the real senders of emails such as banks and employees to get their passwords and account numbers. This is often referred to as phishing attacks. They are sent in bulk with the hope that some of the owners will be tricked to share their data. After they obtain the data, they steal the money in small businesses since they have access to it.

Computer viruses are also risks that small businesses face. The viruses attack the computer In ways such as opening infected email attachments, visiting corrupt websites, USB connected devices, or through the internet, which in most cases the user does not detect. They are mostly designed to be transferred from one device to another. After the viruses have affected the computers, they then send spams disabling the security systems. Thus the hackers can steal data including personal information of clients of small businesses or even deleting everything on the hard drives.

Adware and spyware risks also pose a threat to the internet security of small businesses. Adware is a software that aims to track data of the browsing habits and then use this information to display advertisements. It is only when the adware is downloaded without the consent of the user that it becomes malicious. On the other hand, spyware is similar to adware, but in this case, the software is installed without the consent of the user. It becomes a threat since it may contain key loggers that may access the email addresses and passwords or even in some cases, the credit cards. The information is then used to steal money from the users. Internet of things technologies is also a threat to internet security. Examples of the internet of things used in small businesses include video conferencing and the use of smart thermostats. The risks associated with IoT include the risk of having weak and guessable passwords, insufficient privacy protection, lack of physical hardening, and secure data transfer and storage.

The security threats can be prevented using different measures. The use of the internet of things risk, for instance, can be prevented by updating passwords from the default, have a separate network behind a firewall, which aids in careful monitoring. Also, ensuring that data sent and received is encrypted. If it is not possible to block all incoming traffic, then the small businesses should ensure that there are no open software ports. Only the necessary features should be used to prevent the use of software that mare attract hackers, for instance.

Fraud risk can be managed by showing the importance of ethics. Making reporting easier will also reduce the risk since the managers and employees will be able to communicate.the managers of small businesses should also trust but verify the work of employees because they may steal and then cover their tracks. Fraud can also be managed by looking for suspicious patterns and follow the lead to establish whether they are fraudulent practices (Hess & Cottrell,2016). Small businesses can also develop their fraud risk management plan.

Adware and spyware risks can be reduced by keeping protective programs up to date, reducing the use of cookies, avoid clinking links to see advertisements, not running risks as an administrative user, and lastly, by allowing the auto-protection programs on all software (Ekanem, 2016). The measure can also be used to curb the risk of viruses. In addition, viruses can be managed by the use of anti-virus software, securing all networks, keeping the operating system up to date, and by not using public and open wifi when uploading delicate business information.

Compared with internet security incidents, there have been fewer cases reported against cloud service users. This, therefore, makes cloud computing more secure. This is because cloud computing service providers are more concerned with security, and the damage they will have on their reputation (Hutchings, Smith, & James, 2013). Also, cloud computing has built-in application security that ensures data protection. Cloud computing also uses a multi-layered approach where, for instance, industries such as finance require a high level of data protection, prevents loss of data by interfering with data hard by other parties.

Hacking and internet security-related risks are things that can lead to the closure of a business, especially small businesses. To prevent this from happening, it is essential to know and understand the risks associated with hacking and loss of information. After doing so, preventive measures should be undertaken to reduce the possibility of the risks occurring.

References

Bressler, M. S., & Bressler, L. (2019). FRAUDS, EMBEZZLERS, THIEVES, AND OTHER BAD ACTORS: HOW CRIMINALS STEAL YOUR PROFITS AND PUT YOU OUT OF BUSINESS. GLOBAL JOURNAL OF ACCOUNTING AND FINANCE, 3(1), 56.

Ekanem, A. (2016). Adware and Spyware: How to Remove and Protect Your Computer Against Adware and Spyware. Lulu Press, Inc.

Hess, M. F., & Cottrell Jr, J. H. (2016). Fraud risk management: A small business perspective. Business Horizons, 59(1), 13-18.

Hutchings, A., Smith, R. G., & James, L. (2013). Cloud computing for small business: Criminal and security threats and prevention measures. Trends and Issues in Crime and Criminal Justice, (456), 1.