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SMEs: Do you know your cybersecurity risks?

26 May 2015

Losing property due to theft, damage or some other incident is a consideration every small or mid-sized enterprise (SME) has taken into account. Certain business insurance schemes can cover these parties for stolen or lost property if any of the aforementioned events should occur.

However, what happens when a hacker dismantles your website? This can cause a major disruption to the the business, leading to losses and other stresses.

This is just one out of dozens of possible scenarios associated with cybersecurity. To prevent disruptions, cybertheft and other similar incidents, SMEs should be aware of the risks they're facing.

What are the threats?

The technology you use to support your operations will largely determine the kind of cybersecurity risks you're up against.

For example, if you're using a cloud storage service such as Dropbox or Microsoft Azure to hold company data off-premise, effectively managing access credentials can reduce the chances of your information being stolen.

In regards to this particular scenario, what are some best practices? Microsoft provided criteria for a strong password:

  • Consists of eight characters or more
  • Contains at least one symbol, number, lowercase letter and uppercase letter
  • Is not a complete word
  • Is notably different than other passwords

What about payment systems?

According to a report developed by James Lyn, global head of security research at Sophos, cybercriminals will continue to look for security flaws in SME payment systems. Older point-of-sale devices are typically more vulnerable than contemporary systems, for example.

Cybercriminals often go after mid-sized enterprises and other organisations that handle a large volume of financial transactions. A high number of payments usually translates to more customer information. Essentially, hackers are looking for a bigger haul.

A deeper look at your business will allow you to take measures to combat them. In some cases, interruption insurance may provide assistance in the event one of your critical systems is dismantled.

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