What are some economical ways to protect your small business from cyberattacks?

Cybercrime targeted at small businesses has dramatically increased since the onset of the COVID-19 pandemic and shows no signs of slowing down. In fact, small businesses are three times more likely to be targeted than larger businesses, according to Forbes.

Unfortunately, the traditional solution of hiring a team of dedicated cybersecurity professionals can be prohibitively expensive for smaller businesses, often being unfeasible.

Here, we'll discuss two ways you can defend your small business and its employees from cyberattacks that won't break your bank.

Cybersecurity as a Service (CaaS)

Cybersecurity as a Service (CaaS) effectively removes the need for hiring your own team of IT professionals to monitor your network 24/7. CaaS outsources your small business' cybersecurity by turning it into a paid service provided by a third party. This can be vastly less expensive than recruiting around-the-clock employees.

However, even the most sophisticated CaaS business isn't an all-comprehensive solution. Training your employees to recognize cyberattacks before they happen is also vital.

The importance of training your employees to recognize phishing attacks

Phishing attacks are an extremely common and difficult-to-detect form of cybercrime. This type of cyberattack attempts to get you or your employees to voluntarily give up valuable business information.

Often, this is done by "spoofing" a legitimate source. For example, you may receive an email that appears to be from your IT department asking for details about your security. It can be extremely difficult to tell the difference between a sophisticated phishing email and a genuine one.

Learning how to detect a phishing attack is a skill that you don't necessarily need professional consulting to learn. Some resources can teach you what a phishing attack looks like, such as by carefully scrutinizing the email for errors, especially in the sender's address. For example, if the source appears to be Microsoft.com, ensure the domain name is spelled correctly. Additionally, check for unnecessary additions. "@microsoft.com" isn't the same source as @microsoft.support.com.

Combine these two tips to help protect your business from cybercrime

These are just three examples of ways you can protect your business from cybercrime that won't necessarily drain your business' finances. Taken together, they're powerful tools you can use in an ever-increasingly dangerous online world for small businesses.

Check out our blog at WMC Accounting for more money-saving tips for both small businesses and consumers alike.