If you think cybercriminals are only targeting big companies, think again. Small businesses are just as vulnerable, and the consequences can be dire.

In fact, 94% of small and medium-sized businesses experienced at least one cyberattack –up from 64% in 2019. Even more concerning is the average cost of a cyberattack which can range from $120,000 to $1.24 million.

This is why cybersecurity should be a top priority for you. However many small businesses, just like yours, struggle with the resources needed to handle these threats.

The good news? We have collated 10 common mistakes and how to avoid them to protect your business and reduce the chance of becoming a target.

Weak Password Policies

How many times have you used a password again and again because it’s easy to remember? Or stuck with something simple like "123456" because it’s quick? That’s the kind of thing cybercriminals are counting on. Weak passwords not only risks personal information but also company's sensitive data and systems.

How to Avoid It:

Make sure everyone uses strong, unique passwords for every account. Also encourage your team to use a password manager. It’s a secure way to store and manage all those complex passwords without needing to memorize them.

Failing to Update Software

Update notifications can be annoying, and it's easy to click 'remind me later.' But skipping updates leaves your software vulnerable to hackers. In fact, 14% of breaches begin with exploiting vulnerabilities for initial access—nearly three times the number reported in 2023. By skipping updates, you’re leaving doors open for hackers, who are waiting to walk right through.

How to Avoid It:

Turn on automatic updates. This way, your operating system, apps, and antivirus software stay up-to-date without you having to worry about it.

Neglecting Employee Training

Your employees are your first line of defense when it comes to cybersecurity. 68% of breaches were linked to unintentional human actions, such as individuals being deceived by social engineering tactics or making mistakes.

How to Avoid It:

Invest in training and cyber awareness for your employees to recognize and respond to cybersecurity threats, phishing attempts, and safe work practices. Contact us to learn more about our training programs.

Lack of Multi-Factor Authentication (MFA)

When it comes to securing accounts, relying just on passwords is risky. We all know how easy it is to forget or reuse passwords, but the bigger issue is that cybercriminals know this too. Without multi-factor authentication, (MFA), your accounts are like a house with a lock but no security system.

How to Avoid It:

Multi-Factor Authentication (MFA) adds an extra layer of protection, making unauthorized access more difficult. Microsoft reports that more than 99.9% of compromised accounts did not have MFA enabled, leaving them vulnerable to attacks like password spray and phishing.

No Incident Response Plan

The worst time to figure out what to do during a breach is while it's happening. Without an incident response plan, you’re left scrambling to react instead of being prepared which can worsen the damage.

How to Avoid It:

Develop a clear incident response plan and test it regularly so that everyone knows what to do in the event of a breach. Organizations with an Incident Response (IR) team and a regularly tested plan saved an average of USD 2.66 million compared to those without a team or testing.

Using Unsecured Wi-Fi Networks

When you use public Wi-Fi networks, you make it easier for hackers to spy on your data – they are not secure. This means hackers can steal sensitive information, like your login details, and use it to break into your accounts or launch other cyberattacks.

How to Avoid It

Use secure VPN access for remote work, to safely connect.

Ignoring Regular Backups

Not having recent backups of your important data can put your business in a tough spot if something goes wrong—whether it's a ransomware attack, a system crash, or a hardware failure. Without backups, you risk data loss which could take days, weeks, or even longer to recover from.

How to Avoid It

Set up automatic, encrypted backups that run regularly. That way, even if the worst happens, you can recover fast and get back to business. Encryption helps keep your backups safe, ensuring your data stays protected from hackers.

Overlooking Insider Threats

It's easy to focus on external threats but sometimes the biggest risks come from within. Employees—whether disgruntled or just careless—can intentionally and unintentionally expose sensitive data or cause harm to the organization. In fact, 70% of employees admit to risky behaviours like opening suspicious email attachments, putting the entire business at risk

How to Avoid It

Keep a close eye on who has access to sensitive data and make sure you have clear policies in place to reduce the risk of insider threats. Regular training and awareness programs are also key to preventing accidental breaches.

Failing to Secure IoT Devices

Many people forget to secure smart devices like cameras and printers. These devices often come with default passwords and weak security settings, making them easy targets for hackers.

How to Avoid It

Always change the default passwords on your IoT devices and keep their firmware up to date. Also, consider isolating these devices on a separate network to reduce the risk of hackers gaining access to your main business systems. Listen to our Podcast on Cyber risks to IoT Devices.

Assuming "It Won’t Happen to Us"

Thinking your business is too small to be targeted by cybercriminals is a common mistake. Many small businesses assume cybercriminals are only after bigger companies, but that’s not the case.

How to Avoid It

Don’t wait for an attack to happen. Take a proactive approach to cybersecurity like setting up regular security audits, implementing strong password policies, and using multi-factor authentication.

By avoiding these common cybersecurity mistakes, you can reduce the risk of a cyberattack in your small business. For more cybersecurity tips, subscribe to the Cyberkach blog.

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