Mind your password: six cyber vulnerabilities that could cripple SMEs

In our increasingly digitised world, the importance of securing online identities cannot be overstated.

For small and medium-sized enterprises (SMEs) in South Africa, the stakes are even higher.

Unlike larger corporations which may have ample resources to protect themselves, many SMEs find themselves increasingly vulnerable to cyber threats.

A recent study, Alert Online 2024, highlighted a troubling trend, revealing that some 30% of smaller SMEs, particularly those with fewer than 10 employees, have opted for no cybersecurity measures whatsoever.

This alarming statistic raises critical concerns about the survival of these businesses in the wake of a cyberattack.

As cybercriminals continue to evolve their tactics, SMEs must re-evaluate their digital security practices.

Below are six key vulnerabilities that every SME should address to safeguard against potential cyber threats:

1. From password to passwordless

The era of relying solely on passwords may be nearing its end. While many companies still adhere to traditional username and password protocols, these methods are increasingly susceptible to brute force attacks.

Embracing passwordless solutions, such as two-factor authentication - which combines an authenticator app and biometric recognition - can drastically improve security.

By doing away with passwords, businesses not only reduce the risk of phishing attacks but also enhance user-friendliness and ensure compliance with regulatory requirements.

2. Train your employees

Cybersecurity is not just an IT issue; it’s a company-wide concern.

The majority of security breaches are instigated by human error, often through employees falling prey to phishing scams or working on unsecured networks while remotely.

Regular training sessions can keep staff updated on best practices in cybersecurity, fostering a proactive mindset towards safety among employees.

3. Update and patch your network

Software vulnerabilities can open doors for cybercriminals to exploit business networks.

Whenever a vendor releases a patch to address a vulnerability, ensuring timely updates becomes paramount. Delays in applying these patches leave systems exposed and at risk of cyberattacks.

4. Use an automatic data backup

Ransomware attacks can devastate operations, but having an automatic backup in place can mitigate the fallout. If cybercriminals lock you out of your systems, an effective backup means you can restore your data swiftly, allowing business continuity and minimal disruption to operations.

5. Secure all devices

In a connected world, multiple devices are often in use, including personal gadgets, printers, and even Internet of Things (IoT) devices.

Each can represent a potential risk, serving as a weak point for intrusions.

Therefore, employing comprehensive endpoint security on all devices becomes non-negotiable.

6. Limit access rights

Utilising advanced access controls can further secure sensitive data.

With strategies such as Zero Trust policies, businesses can restrict access based on roles or specific projects.

This layered approach means that should a breach occur, the potential damage is limited.

With the landscape of cyber threats continually evolving, SMEs must take proactive measures to protect themselves. Ignorance is no longer an option.

By addressing these vulnerabilities head-on, small businesses can not only shield themselves from cyberattacks but also secure their futures in the digitised economy.

BUSINESS REPORT