Preparing Your Clients for Cyber Resiliency

John Muscarella, Vice President of Channel Sales

According to a report by the U.S. Chamber of Commerce, small businesses feel the biggest threat they face is cyberattacks. Even in the wake of the COVID-19 pandemic and the supply-chain issues that went along with it, only 58% list that as their primary concern, while 60% check off cybersecurity issues.

Small businesses have become increasingly vulnerable to cyberthreats, but taking proactive measures and choosing the right partner can significantly enhance your resilience. In this guide, we explore the most common cyberattacks to look out for and the impact they can have on small businesses. We also outline the essential steps you can take to boost your clients’ cyber resilience, give some real-world examples and discuss how Cox Business can help.

The Silent Threat Lurking in Your Inbox and Networks

Even though there are many different types of cyberattacks, these are the ones that most frequently target small businesses:

• Custom-designed phishing emails to fool people in your industry

• Ransomware attacks using patch vulnerabilities, POS systems and poorly secured endpoints

• Malware used to steal sensitive data and send it to an attacker’s server

One reason there are so many cyberattacks on small businesses is the increased sophistication of cybercriminals. In the early days of the internet, many hackers worked as lone wolves. But now, many of the most dangerous attackers use complex business models to increase their profits as well as the frequency and severity of attacks.

For example, some cybercriminal organizations design and package ready-to-launch malware and ransomware threats. They then market these to small-time or brand-new hackers with little to no skill. In this way, they gain notoriety in the cyber underworld and make a handsome profit.

To make matters worse, many of the newer attack vectors depend on sophisticated automation. This enables a single hacker to launch multiple attacks simultaneously.

Why Small Businesses Are So Vulnerable

Small businesses often lack resources and a dedicated IT or cybersecurity team. This makes it nearly impossible for them to remain vigilant in the battle against threat actors.

Some businesses also run outdated software or use hardware the manufacturer no longer supports with frequent patches and updates.

Older software and hardware are low-hanging fruit for cybercriminals because hackers have already found ways to compromise their defenses.

Smaller businesses are also more vulnerable to the financial impacts of an attack and reputational damage. For example, while a larger company may be able to absorb a ransomware demand of $100,000, a smaller organization may not have the financial cushion to shrug off such a loss.

The intense competitive landscape can also make it hard for a smaller organization to recover from the reputational damage caused by a cyber assault. After a breach, a smaller company can quickly lose the trust of its customers, who may simply shift their business to a competitor. Since smaller organizations may not have an extensive customer base, a dip in patronage can have devastating effects.

It’s important to act now to help bolster your clients’ cyber defenses, mainly because the frequency of attacks on small businesses has started to climb. The median number of attacks rose from three to four annually between 2022 and 2023, a 33% spike. It seems that hackers are opting to use more attacks instead of depending on a few big paydays. Whether they’re trying to boost the volume of data they can steal or improve their chances of successfully extorting cash, you don’t have to sit back and let them victimize you. Here’s how to aid your clients in strengthening your defenses.

Building Your Clients’ Cyber Fortress: A Step-by-Step Guide

Your clients should consider taking the following actions to build the kind of defense system for your clients that not only repels attackers but also empowers your clients to bounce back quickly after an attack:

1. Conduct a comprehensive risk assessment. This is crucial because it highlights your risks and vulnerabilities. You should start by outlining the data and digital assets that are the most sensitive and/or vital to your clients’ organization. Examine each system designed to protect them and list out how they’re vulnerable.

2. Implement simple yet essential security measures. These include mandatory strong passwords, multifactor authentication, frequent software updates, firewalls, and antivirus and antimalware software. When used in combination, these tools form a solid foundation for your clients’ cybersecurity programs.

3. Train your employees on best practices for cybersecurity. For instance, they should know how to spot phishing emails, avoid clicking on suspicious links and understand how to report incidents.

4. Build a comprehensive data backup and recovery plan. The most effective data backup methods involve frequently backing up all the data you need to power your clients’ business applications. Your clients should also have redundant backup systems, one in the cloud and one on-premises. Using off-site storage reduces the chances of a hack on your internal servers compromising operations for an extended period.

5. Consider getting cyber insurance. A cyber insurance plan covers the expenses associated with repairing your damaged systems, recovering stolen data and paying ransomware demands. Although they come with an up-front cost, cyber insurance policies alleviate much of the financial burden businesses are forced to shoulder after an attack.

Here are two checklists to use when discussing your clients’ cybersecurity readiness.

Tools to Prevent Successful Attacks

• Strong passwords

• Multifactor authentication

• Frequent software updates

• Firewalls

• Antivirus and antimalware software

• Employee Education

Tools for Maximizing Resiliency after an Attack

• An on-premises backup solution for business-critical app data

• A cloud-based backup system for business-critical apps

• A recovery plan that includes which backups each system uses

• Cyber insurance

Cox Business enables you to offer your clients a complete portfolio of cybersecurity tools, including:

A cyber resilient organization can check off all of the above. In this way, your clients either prevent attacks or minimize their impact.

Instead of your clients having to hire cybersecurity professionals and purchase expensive new equipment, you can use Cox Business as the cornerstone of your defenses. With Cox Business, your clients have experienced professionals who make sure they understand how to get the most from their cyber protection. This makes Cox’s solution easy to use — even if your clients have limited tech experience. Cox Business’ cyber protections are also easily scalable. If, for instance, your clients need to add more endpoints — or even another location — Cox Business can ensure all devices have the anti-threat tools they need.

Cox Business’ services also help with compliance concerns. For example, suppose your clients need to comply with PCI DSS, HIPAA, GDPR or another regulation. In that case, Cox can help them satisfy all requirements without sacrificing the efficiency of their workflows.

In addition, Cox provides ongoing support, guidance and proactive threat management. This means your clients’ IT teams can focus on adding value to the company instead of rummaging through logs, sorting through alerts and filtering out false flags.

Take the Next Step Toward a Secure Future

Cybersecurity is a core building block of a successful small business because it protects the business from devastating attacks that could threaten its survival. At the same time, with a strong cybersecurity program, you protect the digital assets that power your clients’ growth.

You can take the first step toward assisting with your clients’ cyber resiliency by reaching out to Cox Business and learning more about Cox Business’s cloud solutions on our YouTube channel.

As Vice President of Channel Sales at Cox Business, John Muscarella is responsible for the overall readiness strategy for the indirect business sales channels. His team has the primary responsibility to develop, implement ¬and sell solutions utilizing the Cox Communications network throughout the country. John has more than 25 years of experience in business management, which includes sales and leadership positions with companies such as Polycom, Sprint and EDS.

This guest blog is part of a Channel Futures sponsorship.