October 2024

October is Cybersecurity Awareness Month: Safeguarding Your Small Business from Cyber Threats

October is recognized as Cybersecurity Awareness Month, a nationwide
initiative to emphasize the importance of digital security. As cyberattacks continue to rise—especially targeting small businesses—it’s crucial for our clients to understand how they can protect their operations from online threats.

Why Cybersecurity is Critical for Small Businesses

Many small business owners mistakenly believe they’re too small to be targeted by cybercriminals, assuming that only large corporations are at risk. The reality, however, is quite different. In fact, 43% of cyberattacks are aimed at small businesses, yet only 14% of those businesses are prepared to defend themselves.

The consequences of a cyberattack can be devastating—ranging from financial losses and reputational damage to legal liabilities. According to the U.S. National Cyber Security Alliance, 60% of small businesses that experience a cyberattack close their doors within six months.

To see the number of cyber attacks hitting North Dakota infrastructure from across the globe, check out DEFEND’s cyber attack map. North Dakota may be small, but that doesn’t mean that we are immune!

The Top Cybersecurity Threats Facing Small Businesses

• Phishing Attacks: One of the most common cybercrimes, phishing involves cybercriminals posing as trusted contacts or organizations to deceive employees into sharing sensitive data, such as passwords or financial information.
• Ransomware: In these attacks, hackers take control of your systems or data and demand a ransom to release them. Small businesses, often lacking the resources for robust cybersecurity, are particularly vulnerable to these attacks.
• Data Breaches: When customer or employee data is compromised, it can lead to significant financial and legal consequences—not to mention the potential damage to your company’s reputation.

Essential Cybersecurity Practices for Small Businesses

While cyber threats may seem complex, there are several straightforward steps small businesses can take to reduce their risk:

1. Implement Strong Passwords and Multi-Factor Authentication (MFA): Start by ensuring all accounts have unique, strong passwords. Enabling MFA adds an additional layer of security, making it more difficult for attackers to gain access.
2. Employee Training: Your team is your first line of defense. Equip them with the knowledge to identify phishing emails, malicious links, and suspicious activity through regular cybersecurity training.
3. Keep Software Updated: Regular software, app, and operating system updates are critical, as they often include patches for vulnerabilities that could otherwise be exploited.
4. Regular Data Backups: Regularly back up critical business data. In the event of a breach, you’ll be able to restore your operations quickly and avoid significant losses.

How ND SBDC Can Support Your Cybersecurity Efforts

At the ND SBDC, we know that cybersecurity can feel overwhelming, especially for small business owners juggling countless priorities. That’s why we offer personalized support by advisors certified in cybersecurity strategy to help you develop an effective cybersecurity plan tailored to your business. A great first place to start is our Cybersecurity resources page, where you can walk through a step-by-step process to determine where your attention should go first, then explore additional resources and information from trusted sources. From no-cost advising to connecting you with valuable cybersecurity resources, the ND SBDC is here to help safeguard your business.

This Cybersecurity Awareness Month, let’s work together to protect North Dakota’s small businesses.

Thanks for reading and taking action!

Tiffany Ford, State Director
And all the Staff of the ND Small Business Development Network