The UW and Wyoming SBDC Network provides guidance during National Cybersecurity Awareness Month

The Wyoming Small Business Development Center (SBDC) network is hosting National Cybersecurity Awareness Month in October, taking a look at the impact of cyber threats on small businesses and offering tips on how small business owners can improve their online security.

“The sad fact is that all small businesses are facing increasing threats from cyberattacks. Larger organizations often have specialized information technology resources and sophisticated security measures, but small businesses tend to be more vulnerable due to limited resources and a lack of basic cybersecurity measures, says Paul Johnson, Wyoming SBDC Network cybersecurity program manager. “As a result, small businesses are prime targets for cybercriminals. Taking a few simple measures today can make small businesses safer online. In many cases, these measures can be very cheap or free.”

The Wyoming SBDC Network offers business expertise that helps Wyoming residents think about, start, grow, reinvent or exit a business. The Wyoming SBDC Network is led by the UW with state funds from the Wyoming Business Council and funded in part through a cooperative agreement with the U.S. Small Business Administration (SBA).

The Wyoming SBDC network runs the “Cybersecurity for Small Businesses” program financed by the US SBA. The program offers personalized advice, webinars and other resources to help protect businesses against cyberattacks.

For more information, visit www.wyomingsbdc.org/cybersecurity-program.

Why small businesses are particularly vulnerable

Many small businesses operate with outdated software, weak passwords and insufficient data protection methods – often due to a lack of financial resources. These are all open doors for hackers to get into their systems.

A report by the Cybersecurity and Infrastructure Security Agency shows that ransomware attacks hit a new target every 14 seconds. A ransomware attack occurs when a cybercriminal locks or steals data and does not allow companies to access it until they pay the cybercriminal a ransom. In the meantime, the company’s operations may be completely closed. Unfortunately, paying the ransom doesn’t always work; the cybercriminal simply steals the money and never gives access to the company’s data.

“Small businesses often think, ‘I’m too small to handle this.’ Who wants to get into my system?” says Johnson. “This attitude leads to a false sense of security. Ignoring potential attacks combined with a lack of cybersecurity expertise makes your small business an easy target.”

According to the 2021 Verizon Data Breach Investigations Report, human error played a role in more than 85 percent of breaches, including ransomware, phishing and malware attacks. Fortunately, small business owners can take steps to reduce the risk of attack.

Cybersecurity measures small businesses should implement

Here are some steps small businesses can take to improve security, Johnson says:

— Use a password manager: Stealing your login credentials is one of the easiest and most common ways for hackers to steal your data. Small business owners should use a reputable password manager and do not leave written passwords near workstations or on bulletin boards. A password manager is a digital vault that will keep your company passwords safe.

— Use multi-factor authentication (MFA): Multi-factor authentication is an additional step beyond a secure password. MFA requires another form of authentication to access your account or company system, such as a six-digit numeric code sent to your phone.

— Back up your data regularly: Most cybersecurity organizations, such as the Cyber ​​Readiness Institute, recommend using cloud services to automatically back up your data. If a company is committed to backing up to physical media such as a high-capacity hard drive, it should back up its data daily and store the hard drive in a locked, fireproof and waterproof location.

– Accept and check for software updates: Software updates never happen when companies want them to, but accepting them is crucial to their online security. Updates don’t just provide new features; they fix known vulnerabilities that allow hackers to gain access to systems. A Windows software update earlier this year fixed over 140 security vulnerabilities, which is a lot of open doors.

— Contact the Wyoming SBDC Network: Visit the organization’s website to explore its free cybersecurity resources. The Wyoming SBDC Network can help companies develop comprehensive cyber preparedness plans or train individuals in practices that will immediately improve the security of their companies.

For more information about how the Wyoming SBDC network can help you meet all your business needs, visit www.wyomingsbdc.org.

“Statistics show that small businesses are often a preferred target for cybercriminals due to a lack of security and cyber preparedness knowledge,” says Johnson. “Spending some time and effort on cyber readiness training is a long-term investment in the health of your business. One attack could seriously damage a company’s financial stability and credibility or completely shut down its operations.”

For more information about cybersecurity resources, email Johnson at [email protected].