Solopreneurs work hard to make their businesses a success. They even go up against some of the biggest players in their industry. Yet, that doesn’t stop them from moving toward having a shot at making it.
However, there is one thing that many solopreneurs overlook — cyber threats. Cyber threats are a growing problem for businesses of all sizes and types. Yet, they can be especially harmful to solopreneurs because they have fewer resources and lower expertise to deal with them.
Here is more on why solopreneurs should pay more attention to cyber threats and how they can affect their bottom line.
Why Solopreneurs Need to Pay More Attention to Cyber Threats
Cyber Attacks on Small Businesses Can Be Costly
Small businesses are just as vulnerable to cyber attacks as large ones — but the consequences can be particularly devastating for the former. According to research by Kaspersky, small businesses faced 4,003,323 attacks in 2022 compared to 3,029,903 in the previous year.
Solopreneurs who experience a breach could face financial costs of thousands of dollars, and one Statista report revealed that cybercrime will continue to increase to $23.82 trillion by 2027. Therefore, it is never going to go away.
Yet, not only do cyber-attacks cost solopreneurs their hard-earned money, but it also costs them a loss in data, productivity and business disruption.
Additionally, solopreneurs must consider the legal fees associated with defending themselves and their business, alongside penalties they may face in regulations.
Effective Cybersecurity Builds Trust
Trust requires solopreneurs to build it over time, but unfortunately, they can lose it instantly. That is why paying attention to cyber threats and implementing cybersecurity is necessary. Customers and the general public can feel safe doing business with the people they trust.
In fact, that should always be the number one priority in business. Solopreneurs need people to trust them and know that their products and services are safe, secure and reliable.
The best way to do that is by building cybersecurity into the business model — meaning every part of the business is designed with security in mind.
That way, consumers that use their products or services can be confident that they’re safe from threats like phishing attacks and malware infection.
Cyber Attacks Damage Solopreneurs’ Reputation
Most solopreneurs know about the damage cyber attacks can cause them financially. Yet, they often overlook the fact that cyber attacks can damage their reputation.
After a cyber-attack occurs, potential customers are likely to hear about it from other sources before they consider doing business with the affected organization.
The speed at which information about a cyber attack spreads can devastate the affected business. While customers may still have a positive impression of the company, they are likely to have reservations about doing business with it in the future.
Additionally, solopreneurs may have trouble regaining the confidence of potential customers and clients — which would most likely hurt the bottom line in the long run.
Most solopreneurs know about the damage cyber attacks can cause them financially. Yet, they often overlook the fact that cyber attacks can damage their reputation. Click To TweetHow To Recognize a Cyber Threat and Mitigate One
As a solopreneur, it is important to know what to look for and how to mitigate suspicious activities when they arise. It can be challenging to tell when there is a threat. Yet, it can be even more difficult to tell when a business is under attack.
However, these are the signs to look for when a solopreneur is experiencing the following:
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- Spam or phishing emails
- A slow-running computer, or it is acting strangely
- Suspicious activity in the account settings or downloaded files
- An unusual amount of ads pop up on the device’s screen
- Receiving random phone calls or texts from people claiming to be legitimate businesses
Cyber threats come in many forms, and 93% of hackers can breach a company network at any time — but recognizing them is the first step to mitigating them. The next best step will be to look at the security software and ensure it is up-to-date with all the latest patches, updates and fixed vulnerabilities.
Another way to mitigate a cyber threat is to ensure the monitored alert settings are on in critical systems. That way, they can send a notification if something is wrong.
Lastly, solopreneurs should always avoid clicking on suspicious links. Research and find out who the link is from to verify their identity and ensure they’re legitimate.
One way to protect yourself against cyber threats: always avoid clicking on suspicious links. Click To TweetHow To Prevent Data Breaches
Data breaches are a serious threat to everyone, and it is important to know how to prevent them.
Below are some of the measures that solopreneurs must take to prevent hackers from breaching their data:
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- Ensure no one has access to the information needed to perform a job.
- Keep passwords secure by using complex passwords, changing them frequently and sharing them only with people who need them for security purposes.
- Ensure that any devices used for business purposes have encryption. Use strong encryption for data storage and transmission and access controls such as two-factor authentication or biometrics.
- Have a response plan in place to have the ability to handle a breach quickly and effectively once it happens.
Prevention is the best way to protect one’s business against cyber threats. It allows solopreneurs to minimize risks and know what to do in case a breach or attack does occur.
Solopreneurs may also consider hiring cybersecurity experts if their budgets allow it.
Cybersecurity specialists can provide a wide variety of services, including performing risk assessments and penetration testing to identify weaknesses in a system. They can also monitor IT infrastructure, provide cybersecurity training and more.
Whether a solopreneur chooses to hire someone or not is up to them. Yet, if they decide it is worth considering, they must do plenty of research first so they end up with an honest individual who will not put their business at risk.
What are some measures that solopreneurs must take to prevent hackers from breaching their data? Keep reading! Click To TweetPay Attention to Prevent the Costs
Cyber threats are everywhere, and they can happen at any time. That is why solopreneurs must pay more attention to them and take the necessary precautions to protect themselves and their customers.
Therefore, it is crucial to be aware of the risks and always prepare for an event like this.
Ciao,
Miss Kemya
